Highlights
Soybean open interest increased more than 25,000 contracts on Friday's rally. Only one day in the past year (Mid-Feb) was there a larger increase in soybean open interest. More friendly soybean news in today’s Weekly Basis.
While many analysts and cash grain merchandisers are bad mouthing the soybean price outlook because there are no US bean sales on the books to China. However, there have been 890.7 million new crop bushels booked for export and most of those beans are sold to “unknown” (aka mostly China business). New crop bean export sales are 18% of the USDA’s projected new crop exports and the marketing year does not start for 3½ months. Given the grief the Biden Administration has thrown at China the past three years, we are fortunate China buys as much as they do with the South American supplies.