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MN | I really don't think the bean market has priced in that 1 bb c/o yet though, combination of strong farmer holding out for a trade deal combined with a little bit of risk premium for Brazil weather.
But yeah, why are we here and not sub $8 here, good question.
No way we get enough bean acres shed at these prices though, would be nice for beans to pull corn upward to fight for acres ... BUT can't see ethanol margins supporting a higher corn price. Maybe crude and RBOB will rally hard and away we go ??, probably best thing for both markets would be China buying ethanol? Bean purchases are just shuffling the deck really, new usage of ethanol would be HUGE!
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