Still a lot of uncertainty about the size of the Argentina bean crop, with estimates mostly now in the 40-44 mmt range. Down about 10mmt. Harvest will be early in many areas after a warm and dry summer. Harvest activity will be picking up over the next few weeks, and yields are expected to be very variable. Brazil’s harvest is now past the 65% range. The Argentina losses will be offset by a big Brazil crop, higher US supplies.
Keep an eye on the USDA acreage and stocks report next week on Thursday. Bean acres are expected to be up. The Can is up half a cent overnight and is pushing the price lower. Nov futures are holding their own today , which is positive news.