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EC SD | Soybean piles at my local delivery points were much smaller than prior years. My soybean yields were the lowest in many years too.. Coincidence? I think not...
South American exports were significantly lower than prior years, and forecasts. USDA says they had a bumper crop. I say no way the South American farmers are hoarding soybeans on the farm. South American agencies suggest a much lower crop than USDA, so my thought is that USDA is way off on South American production, and way off on North American production also. I market based on this perception, but you can take the other side and market accordingly...
I see basis tightening here and that is usually the signal of the truth, more so than any USDA report....
USDA said US farmers were hoarding last year's crop! Well those farmer bins must have been completely empty, since no lines at the elevators this fall, and piles much much smaller too. Again, I don't think the USDA has it right, but do realize they are the ministry of truth, so believe them if you want to. I will observe much smaller South American exports, and much stronger US exports and make my own conclusion. | |
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Funds begin long position?
