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S Illinois | My guess would be that these sales are not China, but rather one of the EU block countries where we have a shipping cost advantage. Yesterday's export report had the Netherlands take 66 tmt and France take 130.9t mt from previously unknown sales. For comparison, China took 215 tmt from unknown. We are likely done with China sales other than position squaring or a boat here or there from previous unknown sales(they had new sales of 66 tmt and cancellations of 18.6 tmt per yesterdays report). China's commitments this year currently are 3.5MMT above last marketing year total, which puts their sales in the range of where we need to be to reach USDA's total export goal.
On a side note it is sort of funny how analysts are saying the market is crazy or the USDA's numbers are a conspiracy. Funny how when farmers do that it backwards and fear based, but when "market analysts" say it, there really must be something there. | |
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Soybean Daily Sale
