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NW Indiana | Report reaction will take a couple days to digest. Obviously some leaning the wrong way. The longs will likely look to take profits. I am still under the believe we drift lower into feb and march as the market starts to focus on planting intentions. Before today you could always argue about this report and SA. Now the report is gone and SA will soon be less of a focus, so only thing left then is planting intentions. As exports sales wane price should drift lower considering those purchases had to be covered. 2 weeks in a row of poor exports is not a good sign. I'm not drastically bearish but 50-70 cents (old crop) lower from here isn't unreasonable. I just struggle to come up with much of a bull case after this report is digested. | |
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Soybeans
