Last week’s soybean sales to unknown destinations and to China are good news for the soybean market. However, Global Commodity Analytics and Consulting President Mike Zuzolo said it’s not all good news. “Most of it, almost 75 percent, is for the brand new marketing year. With week 39 now passed in the 2019-2020 marketing year and us running nine percent behind last year’s pace, I don’t think it’s all good news.” Zuzolo said there are two reasons China is buying U.S. soybeans. “I think they are stockpiling and China is playing the game they always do,” said Zuzolo. “They’re looking for the cheapest board price.”
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