USDA announced an old crop soybean sale of 380,000 metric tons to unknown destinations on Wednesday . Martinson Ag Risk Management President Randy Martinson says most traders suspect that’s China. “It’s impressive China is in buying oilseeds at a time when they’re normally out of the market, because of the Chinese New Years. That’s been supportive to the soybean market. There are sales taking place at contract highs and there’s a back story here we don’t completely know about yet.” Corn could become a story in South America, but most of the second crop corn has yet to be planted. “You’d think the corn would start to come into play here, but the trouble with that is that 75 percent of Brazil’s corn is just to be planted. Decent weather is still in the forecast, with expectations for an average Safrina corn crop.”
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