Floor Talk July 1

[Tony_Dreibus]

Soybeans only gave up a few pennies of yesterday's big gains overnight. So are, or were, beans undervalued as some believe? The 42-cent jump on the board after a neutral report would indicate at least some people thought they were. Of course, there's the possiblity it was all a technically driven price jump and didn't have much to do with fundamentals at all. What do you guys think? 

Brent Crude Oil = 1.8% lower.

West Texas Intermediate Crude Oil = 0.4% lower.

Dollar = down 0.5%.

Wall Street = U.S. stock futures little changed in pre-market trading. 
World Markets = Global stocks mixed ahead of long US holiday weekend. 

[Jim Meade / Iowa City]

The explanastion I heard is the market had priced in higher bean acres.  That doesn't necessarily square with what I saw in various estimates, but, hey, who am I to question the talking heads?

My own opinion is beans are overpriced, but natrually I'd say that as I sold them lower than they are today.

[hardnox]

As there was a .30 upbar at 12:01 my guess is that the algo-readers were set to buy on anything smaller than maybe 3 m acres.

Or whatever the numbers. But the net impact of stocks/acres drives to the same result.

Weather to date and forecasts will drive things on Mon. night but I'm thinking that funds that might have been defending their very large long positions might be the more vulnerable parties here if they don't get lucky.