Many grain traders are waiting for China demand to show up. While China has been buying small amounts from the U.S., Van Ahn and Company chief financial officer Kristi Van Ahn says China continues to buy large quantities from South America. “Specifically, we haven’t seen much for soy sales. Brazil had the best export month for March that they’ve ever had due to China coming in and buying their soybeans,” says Van Ahn. “We need China to buy our product. Agriculture Secretary Sonny Perdue did say he believed it could be late spring or into summer before China comes into buy, but at these levels, why wouldn’t they buy right now? That’s a big question for this market.” Van Ahn also says an even bigger concern is adding to the supply with large acreage expected.
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