Commentary from DTN :
With U.S. soybeans the cheapest in the world from July forward, and roughly a45-cent discount to Brazil beans for August, China has wisely been chipping away at U.S purchases. In the past week, a combination of China and unknown have bought 192,000 metric tons (mt) (7 mb) of old and 516,000 mt (19 mb) of new-crop U.S. soybeans. On Wednesday another 66,000 mt (92.4 mb) of old crop and 120,000 mt (4.4 mb) of new crop was announced sold to unknown (likely China).
However, it is not all U.S. as China has also cautiously been buying
Brazilian beans in quantity despite Brazil’s FOB bean prices surging to a
20-week high. The recent strength in the Brazilian real and drop in the U.S.
dollar has given U.S. farmers a decided edge. U.S. soybean oil, despite
Thursday’s early losses, has been a diamond in the rough, with cumulative
export sales so far reported to be at a 9-year high. Funds remain short soybean meal and appear to be slowly entering a soybean net long
Soybean techs show beans breaking out to upside and with a small short base from Speculators adding bit of fuel for run higher