Posted 7/30/2020 14:46 (#8405210 - in reply to #8405102) Subject: RE: How much does China have to buy...
South central kansas
McHusker - 7/30/2020 13:51
To even raise an eyebrow? Another record purchase of corn, 1.9 mmt and change, and one would think we are all asleep. I do feel a little tired actually. Given recent events, I do wonder if they do this all the way to harvest if anyone will even care.
U.S. exporters have reported 325 million bushels of corn sold to all destinations the past 3 weeks. Corn futures are down 8% & 30-cents for the period . shorter version: strong demand does not ensure strong prices
My response will surprise many but I'd guess "not much" different. Export sales have come at a time when U.S. corn producers have been active sellers of current corn inventory. It's not a stretch to imagine producer sales have been at least = or > export sales in past 3 weeks.
important to consider USDA's forecast for 20/21 corn exports are currently +375 m.b. vs. 19/20. +300 m.b. for 20/21 soybeans. Active export sales should be expected. I assume the trade is always aware of fundamental context of what can be reasonably known.