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Kansas City | I'm betting with the 3 day weekend coming up traders will potentially be looking to square up positions. . . Meaning that we might see a little profit taking. They are calling for rains in Argentina over the weekend which is another factor that makes me believe that we might see light profit taking. Now IF we don't see rain in Argentina like the weatherman is forecasting I would not be surprised to see Monday night gap open especially in beans. Not much else is really happening today that I have seen.
The USDA announced a few small sales this morning of corn(116K MT) and soybean oil (28K MT) to Japan and South Korea respectively. This is nothing to get excited about and I doubt the markets even skip a beat because of it.
Thanks,
MH
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Theme of today's trade...
