- CBOT grains started the week mixed with soybeans and meal taking a stronger turn in advance of the USDA crop report tomorrow.
- In terms of fact based data, it would appear funds were adding to soybeans, meal and corn in moderate volume. China continued to be a buyer of soybeans although the trend would seem to show the buyer’s desire to secure “optional origin” in order to switch to S American product when available. If Brazilian weather plays ball we could well be seeing shipments in the second half of February, which could well reduce overall US shipment volumes.
- S American weather continues to be favourable, dryer in Argentina to assist planting and rains across Brazil to assist soybean crop development. It seems difficult, right now, to imagine anything other than massive S American crops in the coming harvest.
- Other news has been thin on the ground as the market awaits tomorrow’s USDA report.