Highlights
The USDA announced yesterday morning the sale of 110,000 mts of soybeans to unknown.
The biggest near term Black Swan Event (terrible, shocking news to crush a market) is the EU has a major bird flu problem; some say it is the worst ever with over 50 million birds “affected”. Does “affected” mean 50 million will be destroyed? Probably, but the bigger Black Swan concern is can the infection be contained? Chickens eat a lot of corn and bean meal.
The US corn crop is 20% harvested, 7% behind normal. The market expected 22% in the bin.
The US bean crop is 22% harvested, 3% behind normal. The market expected 20% in the bin.
The US winter wheat crop is 40% planted, 4% behind normal.
The USDA August crush report issued yesterday showed: