Soybean Report, 07/20/2017

Thursday, July 20, 2017

Nice export numbers and finally one to help the exceptionally slow NC sales, which continue to lag even the slowest year in the past 5. While OC sales exceeded expectations, I still see some OC being bought with the full intention of rolling into a deferred shipment period. So with a decent export report, limited rains in areas of need, continued hot weather into this weekend and what appears as some new money flowing into the complex, we should be able to test some technical resistance today. Wheat continues to be a drag on the grain complex, but beans have shown a propensity in the past to work alone well. The last OI report showed a drop in beans and gains in products. None were significant. Volume was light if not downright sparse yesterday. QX broke through 13 overnight, so for those looking to hang on beyond the end of the month, it is time to get busy with a plan. Anything at 13 or better looks good to me. Once again, NC spreads are pulling carry out of the market. XF should have a plan in place to lock in the carry you want, especially for NC hedges on the books. Look for a rally today and for the bulls a hoped for punch through resistance this time.

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