Instead of writing about what caused the markets to fall out of bed yesterday and how terrible yesterday’s price action was for farmers, we will put that ugliness aside and sweep it away with some good news.
January beans settled 18¢ below their high yesterday and down 2¢ on the day. That was very poor market action, but China solved that problem.
After the close of the CBOT yesterday, Reuters News Service reported China bought 600,000 mts of US soybeans for shipment from December through March. January through March are the months that China is usually loading ships with soybeans just harvested in Brazil, which typically starts bean harvest in the far north in very late December and ship loads of beans are leaving Brazil in January. That is not going to happen this growing season.