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S Illinois | Not sure if it makes a difference, but for USDA purposes Brazil and Argentina soybeans are reported on a Oct 1-Sept 30. If the SA growing season was put on a US year, they are taking ending stocks as of Jun 1 in Brazil and March 1 in Argentinas case. If usage remains constant year to year then this really wouldn't matter. However if usage increases year to year, ending stocks will also increase just due to the fact that stocks for the increased usage between Oct 1 and SA beginning of harvest must be accounted for. That being said, I would venture to guess that Brazils usage is front loaded much like the US is. | |
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Can anyone make a case for a Nov15 bean north of 1050?
