- Today has been a big down day both sides of the pond with fallout from Egypt’s latest tender, which effectively leaves France out in the cold potentially with surplus supplies in need of a home. US wheat hit lows not seen for some years and the tone has been undeniably weak. Soybeans have tested their recent harvest time lows and corn has been the passenger, willingly or otherwise.
- Soybean cancellations by China are a feature of the rumour mill albeit there is no confirmation (yet) of such rumours. However, the widespread nature of the rumours suggest there may be “no smoke without fire”. Again, such talk adds to the overall negative tone in today’s marketplace.
- Added to the above, soybean cargoes are loading in Brazil, and the pace of loading is suggested to be brisk. With the Far Eastern Lunar New Year holiday approaching this weekend and the holiday period it will create, it is difficult to become too friendly to market upside right now.