Tidbits
The USDA will release its monthly US and world S&D today at 10 AM Mountain Time. CONAB, Brazil’s USDA, will also release its latest production estimates this morning several hours before USDA as will StatsCanada issue its grain inventory reports.
Yesterday, March cocoa was up $190 and July was up $130 per mt.
Soybeans Crush and Exports Commentary
In February 1972, Nixon visited Communist China and sold them massive amounts of wheat, and he did the same in Moscow three months later with the Soviet Union. The Soviet Union was the #1 buyer of US corn in 1979 when a record corn export total was made that stood for 28 years! The corn, wheat, and soybean markets have been heavily influenced by the quantity of exports ever since and rightly so.
When weather is not a factor, the primary soybean price maker is the export information presented twice every week of the year. Twice a month, we get soybean crush numbers, on the first for the month ending a month ago and NOPA on the 15th. Naturally, the market has more export news than crush news and the crush is relatively stable whereas exports can fluctuate greatly from year to year.