CBOT Early Call - Post USDA
The USDA reports didn't throw up too many surprises, merely confirmed what the trade already suspected: old crop soybean stocks are tight.
Other stocks data also came in right in line with expectations.
The weekly export sales confirmed the continued presence of China in the market, booking 238,700 MT of old crop and 110,000 MT of new crop. Overall, the sales figures were in line with what was anticipated.
The USDA also dropped the Argentine soybean crop 4 million tonnes to 39 million.
Outside markets are also friendly with crude and stocks higher.
This afternoon's CBOT session is called: soybeans 15-20 higher, corn 5-7 higher, wheat 4-5 higher.
Other stocks data also came in right in line with expectations.
The weekly export sales confirmed the continued presence of China in the market, booking 238,700 MT of old crop and 110,000 MT of new crop. Overall, the sales figures were in line with what was anticipated.
The USDA also dropped the Argentine soybean crop 4 million tonnes to 39 million.
Outside markets are also friendly with crude and stocks higher.
This afternoon's CBOT session is called: soybeans 15-20 higher, corn 5-7 higher, wheat 4-5 higher.
