not a permabull comment but they are still pulling from S Am.. if logistics gets tight.. (not expected) or S Am shuts off.. they can come in.. sad to say but this delaying tactic.. has.. uhm.. worked.

Flip side.. should anything scare them.. they are not bought out very far and this week's fire sales prove that they will come in when shown the carrot.

I heard Elwynn Taylor talk about the expected coming flip back from El to La.. Nina.. which would fit with my weather guru's (who yes I'm gonna call August of 2015 a miss on the big dry for the beanies..)  expected coming Northern Plains big dry.. 2016..2017..2018..  "still coming."

"It's hard being a permabull in a bear market.."  ;-) 

IF you want to get excited about exports to China.. might have to look at pork?  Crank up the domestic soymeal usage...???