Argentine soybean harvest reported 8% complete across the central belt – with poor yields reported. However, this is in line with the downgraded trade estimates for a 40 million tonne soybean crop.
Markets all focused on Thursday pm USDA report – funds remain long of US futures, thus very exposed if the report is bearish.
US / China trade dispute also continues – China may yet put curbs on US soybean imports in a retaliatory move. Brazil soybean prices have rallied in the hope of additional business at the expense of the US. Soybeans were the top U.S. agricultural export to China last year, worth more than $12 billion. China is the world’s biggest soybean importer and the U.S. is its second-largest supplier.