Lots of negative chatter

Overnight- Grain and oil seed futures are lower.

Negative start to the week with soybeans leading the way lower.

Lack of soybean exports and the unwillingness of the USDA to raise crush usage numbers has the soybean balance sheet growing.

Couple this with plenty of soybean acres intended to be planted and it equals bearish sentiment.

Planting progress was mostly inline as everyone had to wait for their planting insurance date, so we expect much bigger numbers next week as weather looks to be cooperating in many areas this week.

Brazil weather is predicted to turn dry earlier than usual, but the models had predicted it would start 2 weeks ago, so some meteorologists are hesitant to agree with the modeling until they get more proof.

The market is also discounting the production cuts for the Argentina crops due to disease.

Bottomline

The negative sentiment seems to be coming to a head this week. Good weather, good planting progress, too many acres, too much carryover and big South American crops. What could go wrong? Again, keep an eye on your local basis for any cash opportunities. NFC Grain Comments Options -new (38)