Monday's weekly export inspections report was supposed to show the continued strong demand from China with inspections for beans at 46 m.b. or higher, but instead China stepped back from their recent surge in bean buying. Total inspections were 36.9 million bushels inspected by the USDA for near-term shipment down from 48.4 the week prior and four week average of 51.2 million bushels. China was in for 26.5 of the total versus the four prior weeks of 34.8, 37.6, 34.1 and 46.8. The 1.30 rally the last four weeks may be part of the slowdown. Beans were up $.12 prior the report's release then down $.04 after as longs bailed out.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
