But, U.S. stocks are increasing rapidly driving December future down by more the 10 cents in 3 months. The result is a smaller Step 2 payment. With decline in Step 2 incentive payments to users, the U.S. farm price may need to decline even more to meet foreign price competition. December 01 futures is below last two years and may fail to recognize spring seasonal rally. Now it looks like 60 cents will be a major hurdle for December 01 futures.
Speculators are bearish.
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