Global Commodity Analytics and Consulting President Mike Zuzolo says the surprise in the September USDA report was in the soybeans. “Both the U.S. and world soybean ending stocks numbers came in at or much below trade estimates. It’s really important the soybeans got the bull fed from a report standpoint, considering it was a weekly export sales week where China came in with total purchases of almost 117 million bushels of soybeans.” Zuzolo is also questioning USDA’s harvested acres. “I do disagree with the USDA on only taking harvested acres down half a million acres. They also took the feed number down. I understand why they’d do that to ethanol, but the feed number doesn’t make sense, because dressed weights have been going up with slaughter rates more normal.”
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