Soybean Report, 02/17/2017

Friday, February 17, 2017

The pummeling that began yesterday has continued overnight. With a 3-day weekend for the markets, we will still should see some evening of positions today which will keep pressure on the longs to exit. Expectations for SA continue to grow as yields have bordered on phenomenal, just like the US this past year. Argentina still finding some doubters on crop size and those expecting the rains to do more damage than good in the next week plus. US prices need to fall to get back into the world market with the west coast essentially at a standstill due to logistics. US acreage is still being debated, but more and more the idea is that we will be close to even acreage for corn and beans as some of the alternative crops are at levels that do not project a profit and those crops do not have USDA protection in some cases. Western areas are more likely to be converted to beans over dryland corn, but the central corn belt will have plenty of wheat acreage that one would assume is going to beans. Bird flu in China making news. OI down in meal and beans, but up in oil. Volume light in beans and up in products to decent levels. Look for the red numbers to reign today, the question is single or double digits.

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