Breaking News

Just popped up on the screen that China's CNGOIC website says that the regular weekly government soybean and corn auctions that have been in operation since September are to cease from Dec 1st. No explanation offered.

That might get the market going this afternoon, particularly after yesterday's strong sales and exports news.

The thoroughly excellent say that "this left US soybean sales for the 2009-10 marketing year, which only started in September, at more than 70% of Washington's full-year forecast already" which is a pretty startling statistic, I'm sure you'll agree.

US sales to China, which have been running at almost a million tonnes a week recently, look like continuing unabated.

Chinese soybean imports are expected to be around 3.5 MMT in November, rising to 4 MMT each in Dec and Jan, with the vast majority of that set to come from the US, before the Brazilian harvest gets into full swing.