Private exporters reported sales of 378,000 metric tons of soybeans to China and 109,000 tonnes of corn to Mexico on Tuesday. “This is exactly what we want to see,” says Ryan Moe, market analyst, INTL FCStone. “We will have a hard time at the end of the season with the strong export sales, because Brazil has been such an active player in the market. They are essentially sold out in Brazil and the U.S. is the market of choice. We just hope China isn’t full.” Brazil’s currency value will remain a hurdle to overcome for U.S. traders. “With that currency continuing to stay weak and the issues plaguing Brazil from a political standpoint, the weakness in the real isn’t probably going away soon.”
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