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After a day off from our export sales streak yesterday, we are back in action today with a triple threat:
-132,000 metric tons of soybeans for delivery to China 24/25
-132,000 metric tons of soybeans for delivery to unknown 24/25
-273,048 metric tons of corn received in the reporting period for delivery to unknown 24/25
Demand has been a saving grace this past month during a period of extreme supply due to near-perfect harvest conditions in the US helping the crop come off in record time. The Trade is enthusiastic about tomorrow's export sales report as it seems many bargain buyers are enjoying the lower US prices.
Soybeans bounced technically off of lows, and were supported by news of a 24-hour strike by transportation unions in Argentina that is blocking ships from docking or departing from the grain ports in Rosario, a major ports chamber announced on Wednesday. Continued good weather in South America has kept any rally upside limited.
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