{"id":2127,"date":"2017-05-25T06:43:23","date_gmt":"2017-05-25T12:43:23","guid":{"rendered":"http:\/\/www.ctsfutures.com\/?p=2127"},"modified":"2017-05-25T06:43:54","modified_gmt":"2017-05-25T12:43:54","slug":"morning-thoughts-2015-05-25","status":"publish","type":"post","link":"https:\/\/udg.ehs.mybluehost.me\/morning-thoughts-2015-05-25\/","title":{"rendered":"Morning Thoughts – May 25"},"content":{"rendered":"

<\/a>Crops<\/u><\/strong> –
\nYesterday\u2019s session might have been one of the more boring I\u2019ve seen in quite a while.\u00a0 For the time being, I don\u2019t see any reason to expect this boring price action to change.\u00a0 We have June option expiration tomorrow.\u00a0 In tomorrow\u2019s comments I\u2019ll include charts showing where the key OI rests, but based on the recent price action you can probably already guess.\u00a0 SN 950-960, CN 370, and WN 430.\u00a0 Unless something whacky happens, I\u2019d look for limit steady<\/em> price action over the next two days as we chop around these strike levels.\u00a0 Take a load off, put your feet on the desk, grab a gluten-free<\/em> slice of pizza and an ice cold beverage and relax.\u00a0 This stuff is probably going nowhere right now.<\/p>\n

We do have export sales to get through today, but I\u2019d put low odds on it showing us anything worth excitement.\u00a0 We did have one flash announcement last week, the 5\/16 posting of 132k mt soybeans to unknown for 16\/17.\u00a0 Overall I\u2019d look for a continuation of recent trends.\u00a0 Soybean sales should continue to track ahead of the \u201cnecessary pace\u201d and even today the US appears to be somewhat competitive for additional Jul\/Aug business.\u00a0 Note that Brazilian soybean export premiums have firmed up slightly following the crash post-devaluation.\u00a0 While they have not recovered all of the prior strength, I still find this interesting and worth noting.\u00a0 I think newswires might have been a little carried away with their \u201cOnce in a decade\u201d <\/em>headlines on Brazilian farmer sales.\u00a0 Commercial sources imply to me that while movement was \u201csolid\u201d the Brazilian exporter is still sitting on a big short position and premiums could potential work their way back up.\u00a0 Certainly something we should be keeping our eyes on.<\/p>\n

\"Paranagua<\/p>\n

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