Highlights
OPEC has postponed their Sunday meeting to consider production cuts. That news caused crude oil to sell-off over $3 yesterday before recovering nicely by the close, but weaker over night.
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Edurado Vanin, an export grain and soybean manager in Brazil reported yesterday China continues to buy US soybeans. He said this week China is looking to buy 8-10 shiploads (~400,000 to 500,000 mts) of US soybeans. Yesterday, brokers in various Asian countries were asking about soybeans loaded in the PNW for January shipment and at the Gulf for March shipment. That tells us the Chinese realize the beans may not be available those months from Brazil for the first time since South America has been raising beans.
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Eduardo said a month ago, the average projection was for Brazil to produce between 160 and 170 million mts of soybeans. Now the projection is 155 to 163 million mts (USDA 163).