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Buxton ND | China and Cancellations
At The corn growers meeting in Fargo ND on Wednesday morning, Dr. NDSU I can't remember his name addressed this issues. He brought up last weeks 8 boats canceled (export sales report) Thursday mornings report (UN-Known) China canceled another 9 big boy boats (he did not know this Wednesday) He was very blunt saying "This is a big deal guys"
YES China cancels some beans every year, sometimes big sometimes small just the way it works I guess, I strong dis-agree with this,,, just the way it works. Years that REALLY stand out in my mind are 1996/97, 2004,,,, 2012 was MASSIVE (more so massive effects on YOUR prices at YOUR farm and ending the next summer with a MASSIVE drop in cash beans.
Then 2015 we exported a all time record amount of beans to China, by a fair chunk all time. Yet beans fell from the late fall 2014 high til the summer rain rally began. If you think cancellations had no part in this your living in La-La Land. I've made my views very clear with export sales/booking numbers on new crop levels last June/July. And will end my comments there,,, at "times" I do keep my mouth shut :o)
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C & C
