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Chicago | Export sales were absolutely terrible this morning for especially soybeans. n/x beans and n/z meal spreads took it on the chin. Lots of rather upset soybean locals getting chopped up from yesterday to today. I was pretty surprised about the fact that only 20 million bushels was taken off of our corn production. With the amount that was left out in the field under those conditions I would of thought we would of seen a pretty dramatic reduction. Dreyfus was bearspreading a ton of n/z corn before the report so that should of tipped me and others off to what the report was going to say (in my experience dreyfus is very seldom wrong when they put a position on). My thoughts of a rather snug old crop carryout are gone and am now convinced without any weather threat we will continue to see burdensome supplies and futures spreads going off at 85-90% full carry from here. | |
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Soybeans
