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Mid Morning MKT
By: Kyle Shepard
As of 4/18/18....
Good morning. Beans are down 4, meal is down $4 and oil is up 13 pts. Despite opening higher overnight for meal and beans, they've drifted negative. Oilshare is sitting @ 29.4%, up slightly. We may have found a floor for oilshare. In the last 2 months, we've seen oilshare drop to 28.8% twice on 2/28 and 4/9, only to rally (granted only marginally). Keep an eye to see if oilshare crosses its 20 day moving average. In the past 2 weeks, we've seen Argy, and particularly Buenos Aires receive almost 90 mm of rain. This is nearly 30 mm above normal rainfall, which at this point is almost more detrimental to the crop than beneficial. Any continued deterioration of the Argy crop, we could see the worst yielding crop in the last 20 years. Palm was unchanged overnight after opening lower. The Indian gov't announced they wouldn't increase the palm duty, but the rumors are floating we could see an increase in soft oils. We also saw the bean/palm oil spread narrow in China. Outside Ag: USD index is even to higher, the S&P is up 0.33% and WTI crude is up almost 2.5% after a surprising weekly fall in US crude stocks. Oil now sits at almost a 3.5 year high. Happy tax day pt 2! It sounds like the IRS is granting a day extension on tax filing because of a computer glitch. The Vegas Knights swept the Los Angeles Kings yesterday and I'm beginning to regret not taking them @ 7/1 like I said last week...