Tidbits, Soybeans Strategy, Export Sales, Markets & Rain Days Update 12/9/22
Yesterday morning, the USDA reported the largest one day bean sale since April:
118,000 mt of soybeans to China
718,000 mt of soybeans to unknown
January soybean futures on the Dalian Exchange (China) settled at a five month high of US$20.01.
The USDA will release its December S&D today at 11 AM Central. There will be no changes in the US production numbers. World production numbers are all subject to change and all foreign and domestic demand numbers are subject to change. This will probably be non-event, but Argentina’s bean, corn and wheat numbers may get revised lower than the market expects the USDA to do this early in the growing season.
The average estimates:
US corn carryover 1,237 million bushels, up from 1,182 in November.
US soybean carryover 238 million bushels, up from 220.
US wheat carryover 576 million bushels, up from 571.
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