There is no consensus as to how many of Argentina's acres were damaged or how many mts were lost. We will get hundreds of reports and estimates in the coming week. The bigger issue is drought in Argentina.
Today President Putin will reveal to Russia’s elite his plans of the “military operation" in Ukraine. If he is not pulling out of the wear, his speech will be supportive to prices of everything.
CBOT May beans gapped higher on the opening last evening, up 9¢ higher, but 15¢ below last week’s high. September soybean meal gapped higher at a new contract high of $442.50 and faded. The March, May, and July beanmeal contracts did not come close to making new highs. Such action indicates a “toppy” market. Strong bull markets are led higher by the front months.