Stay tuned! Detailed itinerary will be released later this week!
This Week’s Top 10
10 | Meanwhile in China
Remember this headline from a few weeks ago?
Driven in part by 2024/25’s record corn crop… for the 4th year in a row:
Dalian corn futures remain under pressure as China is headed for another record corn crop in 2024 - for the 4th year in a row.
Front-month DCE corn has closed lower 13 of the past 16 sessions, reaching its lowest level since July 2020 last week:
9 | Highly Suspect
China remains notably absent in the global corn market leaving USDA’s current 2024/25 import estimate of 21mmt (825mbu) highly suspect.
Cheap domestic prices with a whopper crop coming on has most wondering when or even if China will return to the world market.
China currently has half-a-million bushels of US corn on the books for 2024/25 - a far cry from the record 840 million bushels they purchased in 2020/21.
China’s big buys in 2020 through 2023 made a HUGE difference in the US balance sheet and subsequently, futures markets.
8 | Good news, bad news
The good news is China has been on a bean buying spree in recent weeks:
The bad news is sales are lagging the pace needed to hit USDA’s current full year export estimate by nearly 150 million bushels - and we are only a few weeks into the marketing year.
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