Highlights
USDA numbers made no sense for beans and, to lesser extent, corn. Basis, spreads and technical factors are our best predictors of futures prices
Argentina’s “soy dollar” program bought very few soybeans the first two days of the program as farmers were not impressed with the 300 pesos per US dollar instead of the current (today) 213 pesos for everyone else in Argentina. Farmers, like all people in Argentina, are trying to survive with inflation over 100% per year, up from 60% three months ago.