This morning before the re-opening of grain trade exporters announced sales of 2,108,000 mts of corn to China for 2020/21 and 132,000 mts of soybeans to China for 2021/22. Amazing! Simply amazing as that means China bought 100 million bushels of US corn in 24 hours.

Thus far today, soybean prices have rallied nicely, dropped sharply and now back in a rally mode of nothing less than 65 cents a bushel intra-day. Trading is fierce and been roller coaster like and certainly not for the faint of heart. And a host of the markets are equally as volatile.

Right now, old and new crop soybeans are 13 to 14 cents higher with front month corn futures up 15 cents. Chicago wheat is on the plus by 15 cents. Heck of a day!

If March soybeans can rise over the $13.80 to $13.84 level and hold the gain, a quick rally to $14.30 could unfold. The high today for March soybeans is $13.703/4.

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On Bloomberg News this morning there is a article with headline that blares, "China Is So Thirsty for Soy That America Could Soon Be Importing"

"China’s appetite for U.S. soy is draining silos to the point that American processors may need to import the most beans in years this summer.
"Soybean sales to overseas buyers are set to exceed the government’s estimates

The above was sent to me awhile ago and thought someone else might be interested. I have had a difficult week trading hogs & cattle but profitable. I have traded some soybeans that was definitely fast action & also profitable.
I am now flat the market and waiting for Monday. A good weekend to all!
Dewey