Tidbits, US PMI, Victoria Nuland, Red Sea, Russia-Ukraine 3/6/24

Tidbits

Agrinvest Commodities report Brazil’s producers are losing money when they sell soybeans, but Brazil soybeans are becoming increasingly expensive. There are more talks about how the US weather pattern could bring more risk premium to the market. Ultimately, it seems that soybean futures have already priced in a larger US ending inventory.

In China, soybean meal inventories are rising as the crushers get back to work after the Lunar New Year. Soybean inventories are declining quite rapidly as crush plants are running at 56% capacity this week after just 32% last week.

In Argentina, producers have sold 6.4 million mts of soybeans so far, with 6.2 million going to internal processors.

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