FOR TUESDAY: (8/16) In the weather, current forecasts favor rain and mild temperatures this week. The seven-day forecast keeps rain in Indiana and Ohio, but the heaviest amounts are north and over the Great Lakes. The 6- to 10-day outlook (Aug. 20-24) has cool, wet conditions for the western half of the Midwest. Normal to above-normal temperatures are favored for Indiana and Ohio.
Motivation for the rally appeared tied to a batch of daily export sales since August 1 and a monthly crush report that showed tight supplies of soybean oil. Soybean oil jumped more than 3% in Monday’s trading after the National Oilseed Processors Association said stocks in July were 1.743 billion lbs, much less than the 2.0 billion the trade expected and the 1.985 billion a year ago. Cycles are still friendly on Tuesday but a pullback mid-week is likely. One would think some profit taking may set in after the strong rally since Friday.
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