Uncertainty about crop size has traders cautious going into the latest monthly USDA reports. Van Ahn and Company market analyst Steve Witt says anything can happen. “We have crop tours coming up that could give us better numbers. We could see an adjustment yield down, but if they find more acres, we could see more production,” says Witt. “This could offset anything and maybe there’s an adjustment for old crop. Who knows? There’s a lot in the air right now.” Demand is also beginning to pick up. “We’ve finally been seeing steady export sales at 130,000 metric tons to 140,000 metric tons of soybeans to China. We sold corn to Mexico. Any additional sales help bring positivity to the markets. As long as China doesn’t cancel those, we’re in a good spot.”
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