South American soybean producers have already exported a good volume, and the likely additional increase from Brazil and Argentina is expected to reduce demand for U.S. supplies exactly during the critical time of the U.S. harvest. Soybeans Global soy complex prices could be stagnant to soft in the near term because Chinese buyers seem to have limited interest in deferred positions beyond February. For example, there was only one cargo traded out of Brazil for November at a level of 193 SX CNF China, which would be the FOB equivalent of 132 SX in Brazil. These levels have a premium of around 10 cents over U.S. Gulf (USG) prices. How there can be a request for higher prices during a period of slowing demand is more understandable when cons...

TAGS – Feed Grains, Soy & Oilseeds, Wheat, North America, South America