Death comes to us all. Life's but a walking shadow | 4th quarter disappearance was up 10% & 55% for corn & soybeans respectively. In particular, 4th qtr soybean disappearance was 240 million bushel. Just the increase alone was 122% of ending stocks.
While it's not unexpected, what's the significance of this, you ask? Brazil claims they harvested 97+ MMT of soybeans. By late Feb. '17 when our soybean export season winds down we'll have a good idea of our total exports from March '16 to March '17. The better part of those additional exports will be soybeans that replaced Brazil's normal sales. I suspect that we'll discover that Brazil (& Argentina) didn't come anywhere close to their supposed production. |
2015 soybean production in the stocks report
