Death comes to us all. Life's but a walking shadow | Brazil's soybean ending stocks for 2013 and 2014 were just above and below 16 MMT. With projected 95.5 MMT crop their ending stocks were expected to rise to just over 25 MMT or 10 MMT more. If they only harvest 90 MMT then their ending stocks only climbs to about 20 MMT. However, Argentina's ending stocks will also increase 6 MMT and ours will jump from 2-4 MMT to over 11 MMT (6-8 MMT).
No. I can't see where even a modest decline in Brazil's harvest will change the momentum enough. On the other hand, If both Brazil and the US have crop problems it is possible something might change.
The thing to remember about Argentina is that they don't usually export soybeans but soymeal and oil. That limits where they can go so maybe Argentina's increase in stocks don't count so much. |
Can anyone make a case for a Nov15 bean north of 1050?
