The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
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The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
Walsh Trading Commercial Hedging Service is dedicated to providing timely, relevant and quality information. Tim Hannagan, our Senior Grain Analyst provides a weekly Grain Report. Tim has been ranked the #1 grain analyst in the United States per Reuters and Bloomberg for his most accurate price predictions for soybeans and corn in the years 2011 and 2012. Additionally, Mike Bauer, our Senior Livestock Analyst and Ben DiCostanzo, our Senior Technical Analyst provide frequent insights into the Livestock market. Finally, Sean Lusk and John Weyer, Co-Directors of Walsh Commercial Hedging Services provide a variety of insights into the Grain markets.
The soy mixed today. The oil remains strong, meal did struggle. There are some thoughts regarding this. The macro picture is cheap beans. The US being the cheapest. We are actually allowing everyone, most importantly, Argentina to buy all the US beans they want then crush them and sell the meal. This ultimately will create a bearish protein scenario, in my opinion. Then we don't hear much regarding African flu in China. However, it is reported breeding stock is down 4.8% year on year in China. This again will create a scenario that is net reductions for protein demand. It is my question when will this start to matter to the market in a broader sense? I remain bearish protein. The Veg oils are attempting to bottom. It is important to note that the vegoil price is far enough below crude that it should promote bio fuel use. These are important macro scenarios.
The corn is getting some follow through. I look for this to continue. The weather remains a bit wet. The field reports are not as high as some would hope. The US remains the cheapest corn in the world. These factors could push us to higher levels in the near term.
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