Highlights
Did you notice that yesterday morning’s weekly export sales chart we sent you showed last week’s corn export sales were near the top end of the range of estimates and soybean sales were well above the top of the range? Those who say demand for corn and beans is poor do not know what they are talking about.
Soybean meal sales in China have jumped this week. The 5 day moving average was 90,000 mt per day a week ago and now it is 260,000 mt per day. Nope, no demand for soybeans. Much of this demand is the result sinfully profitable margin of Chinese swine farmers, but what about the "recession" in China? It was going to lower meal consumption, right?