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| Three months ago, did anyone take the threat of a tariff on soybeans seriously? When did they first finally wake up to it, May 29th? How many here two weeks ago were denying that tariffs had anything to do with the price of soybeans? How many still deny it? The market anymore is all from Missouri, the show me state.
Besides, what's it matter if the Chinese are sitting on 150 MMT of stocks, that's still a 100 MMT more than they need. And then there's the other problem. Next year, there'll be 25 million more acres of corn that used to be soybeans. That 25 million acres at 175 bpa is 4.4 billion extra bushels of corn or 110 MMT potentially available by Oct 2019.
And to make matters worse, the current Administration is still actively undermining the RFS and we're already seeing a decline in ethanol production.
Come back and talk to us when you got something better than the "threat" of 1.5 billion bushel carryout. | |
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Some visual guides for the hearing impaired...
