Highlights
Yesterday morning, the USDA reported the sale of:
132,000 mts of old crop soybeans to China
132,000 mts of old crop soybeans to unknown
273,048 mts of old crop corn to unknown
Angie Setzer reported:
“Tuesday’s weakness in beans was due to rumors that China is planning to shut down ports for 2-3 weeks to update their quarantine rules. While this is not unusual, considering something similar happened twice last year, it does create some uncertainty over the pace of unloading and its potential impact on December and January bean demand. Delays in the unloading of November cargoes could spill over into reduced needs for the next few weeks but is also likely to create an air pocket in the flow of soybean and meal supplies.”
Given beans were up 12¢ yesterday, the rumors faded away, but they could come back.