Death comes to us all. Life's but a walking shadow | The credit really goes to Jon. He brought it to our attention and then insisted that it was important long enough to make us look hard at it.
I think the take away message here is that when you couple exports with the 1st quarter Feed & Residual it confirms that demand isn't dead it is just price-sensitive. This is very reassuring going forward. A year ago when I looked at world feed and oilseed production and stocks it seemed to me that the world was using just about what we produced and consumption was increasing with production. The last few months tested my faith. I think my faith is somewhat restored, thanks to Jon.
PS: I really don't understand some of these bears, especially the ones who predict $3 corn & $6 beans. Neither irrational exuberance nor unreasonable fear is really helpful. |
JonSCKs' weekly export data visualized.
