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Tidbits, ENSO, Markets & Rain Days Update 6/1/23


China is still a big buyer of Brazilian soybeans despite their “poor” economic data. Cash bean traders in Brazil say China bought five more shiploads this week for July shipment in addition to the 10 to 12 last week. Some analysts estimate Chinese soybean imports this marketing year will be a record large 102-104 million mt compared to the USDA’s estimate of 98 million.

Three vessels loaded with 120,000 mt of soybeans will ship from Brazil between June 4 and 11 to be delivered to Perdue Farms and ADM facilities in the USA. It will be the largest bean import total since 2021 when 178,000 mt were imported.

Job vacancies at US employers unexpectedly surged in April to the highest in three months. The advance in job openings was led by retail, healthcare, transportation, and warehousing. Jobs fell in food services, business services and manufacturing. The good news was the number of new hires as unemployment remains at low levels not seen since 1971.

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