Soybeans: Are The US The Only Shop In Town?
Now here's an interesting thought, reports are reaching Nogger Towers than Brazilian soybean supplies on the open market have all but ran out.
Certainly export pace out of Brazil has been phenomenal with exporters keen to cash in on a combination of high Chicago prices, strong Chinese demand, the large-scale crop failure in Argentina and the big inverses that we've been seeing between front-end and deferred month contracts.
The rate of exports has been pushing up domestic premiums to such an extent that Brazilian crushers may soon be looking to import US beans themselves, according to some reports I am hearing.
It's happened before, and would explain why China (who reportedly bought 896,000 MT of US beans last week) keep coming back for more, all the other shops are shut!
Certainly export pace out of Brazil has been phenomenal with exporters keen to cash in on a combination of high Chicago prices, strong Chinese demand, the large-scale crop failure in Argentina and the big inverses that we've been seeing between front-end and deferred month contracts.
The rate of exports has been pushing up domestic premiums to such an extent that Brazilian crushers may soon be looking to import US beans themselves, according to some reports I am hearing.
It's happened before, and would explain why China (who reportedly bought 896,000 MT of US beans last week) keep coming back for more, all the other shops are shut!
