Wednesday was an inside day of trading in the soybean market, that left both old and new crop prices higher at the close. The meal market continues to trade in a narrowing range, but led the soy complex higher, while soyoil finished just below unchanged. Commodity fund traders were estimated as net buyers of 4,000 soybean, 2,500 soymeal, and 500 soyoil contracts.
Argentine harvest progress will be updated on Thursday, but the pace of truck deliveries indicates that progress is holding ahead of last year. Truck deliveries to ports and processors were counted at 6,605 on Wednesday, which is the largest 1 day count this year, and the cumulative total from March 1st is also 5% ahead of last year, with just over 130,000 loads delivered.
China is still importing beans at a record pace, while S American production estimates continue to edge upwards. But Chicago futures are completely fixated on US crop conditions, with cool/wet conditions to keep planting progress delayed another week. Funds are holding a record net long position, hedgers are are holding a rare net long position. We are staying patient, waiting on strong rallies for farm sales.
