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S Illinois | I would not expect more than an increase of 20 million bushels in soybean exports if any in the next USDA report. While these are very impressive numbers the past few weeks, we still must ship roughly to same amount from this point forward that we shipped last year, which was strong in its own right, to reach this years amount. USDA has us up 73mb already over last year, so some increase in pace was to be expected. With that being said 21 of the last year 33 years USDA has been too low in Nov. US soybean exports by an average of 2.2MM or roughly 80mb. If a person wants to take it to the extreme, USDA largest miss is by 260mb on the Nov export number, with a corresponding largest Nov report ending stocks miss of 205mb. | |
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Crush margins
