Old crop corn and soybeans struggled on Thursday while the new crop months were firmer. Van Ahn and Company market analyst Kristi Van Ahn is not surprised. “Given the fact we have tight situations domestically and we also have continued increases in soybean production estimates out of Brazil. If you put them back on board you’ll probably see China step away from us for the time being. That’s where we’re losing a bit of luster, but overall, the acreage report said we need more acres to meet demand.” Plugging in trend line yields with Wednesday’s acres and stocks numbers, ending supplies are extremely short. “We are looking at a negative 76 million bushel carryout for soybeans off trendline yield. When the corn pencils in, there’s 1.3 million bushels and that’s if they never adjust old crop.”
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