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WC MN | Its all in how each person interprets the data. Obviously we could not have exported 1.3 billion bushels of corn last year or we would have basically ran out of corn. We know the USDA will not release numbers below pipeline which is what 150 mb for beans and 650 mb for corn? So looking at beans we know something has to give. Supply is pretty well set so it has to come from demand. There will have to be cancellations at some point or rolling ahead to 2015. We never had the corn booked last year so there was not much in the way of exports so that news was bearish. Now we have bookings that will be cancelled and that news will be bearish when it arrives. China knows SA has a big crop coming but will keep the pressure on NA exports so prices stay high enough to encourage more beans planted here. It seems like business as usual.
The cancelled corn today, was that someone cancelling that bought corn chine rejected? Or was it China cancelling what hasn't been shipped yet? You mentioned that corn cancelled by China will go some place else and take up an order so something will have to either not be ordered or will have to be cancelled.
Thanks for your input it has been very informative, I just struggle sometimes with how it is presented and at times have no idea what you are even saying due to poor typing. Maybe it depends on how long you have been pounding brews for prior to typing. | |
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