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S Illinois | Their beans may be cheaper, but do they have any at this time? According to the last report they only had 16.8MMT or 1.5MMT more on Oct.1 than the previous year. They still have domestic needs until Jan so Brazil has likely less than 8MMT of free stocks. China takes roughly 6MMT per month so Brazil can't supply what China needs until the beginning of Feb. This is why China does not cancel US beans until that timeframe. Once again it comes back to the guarantee that China will take everything on the books at least up until the beginning of Jan.
Can we start talking margin calls on the shorts? | |
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Who's going long soybeans tonight or tomorrow?
