- Brazilian farmers intend to increase soybean acres next season.
- World soybean production estimates have been revised upward due to increased soybean planting intentions in Brazil and South America.
- China has 6 million tons of soybeans stored from last season that must be moved out to store new soybeans.
- Soybean prices in China are dropping.
- Chinese soybean imports in August were down 3.5 percent.
Bearish news: Rice harvest is near a peak but pressure on prices has been limited by recent news. Export sales to Iraq were disappointing. Shipments were below expectations at 45,000 tons.
Bullish news: Demand for rice has increased. Vietnam sold 6.2 million tons of rice last week. That has limited Vietnamese supply where they expect to export 6.5 million tons. Pakistan rice exports are limited to approximately 66 percent of normal. Asian and world rice prices have firmed up.
Iraq bought 120,000 tons of Rice. Total sales were 148,000 tons. Buyers expecting low prices at harvest were disappointed. Trader open interest is high at 17,800 buy contracts.