As we have occasionally noted, the futures market has a fascination with grain and soybean exports, one that is fueled by the daily reports of large sales and the weekly sales reports from USDA/FAS. Seemingly, the pace of those commodities’ sales and shipments to overseas destinations is more exciting than the rate at which they are consumed domestically. The fact that U.S. grain and soy exports face far more competition from other origins than 20 or 30 years ago probably adds to the market’s emphasis on them, and it certainly raises the level of interest in USDA’s estimates of U.S. exports during each crop cycle. Of course, from the standpoint of fundamental supply and demand, a bushel that is fed, processed or milled in...

TAGS – Feed Grains, Soy & Oilseeds, Wheat, Black Sea, China, Europe, North America