Grains receiving good export news. The U.S. Department of Agriculture (USDA) reporting a couple of flash sales on Friday. One includes 163,000 metric tons of soybeans for delivery to Mexico. The other was a 114,000 metric ton delivery of corn to unknown destinations.
“During a crisis like this, this is when [China] likes to stockpile stuff,” says Ted Seifried of Zaner Ag Hedge. “I think it’s really in their best interest for a lot of reasons to come in and be aggressive buyers. I would expect to see more of that here over the course of the next couple months.
China also bought purchases of U.S. corn, wheat, soybeans and sorghum last month.
“Overtime, if we see more of these, the market gets really excited about [how] this is actually happening. There are so many doubters that have just written off this Phase 1 trade agreement,” said Ted Seifried with Zaner Ag Hedge.
Watch the AgDay analysis with Farm Journal editor and AgDay host Clinton Griffiths and Seifried here.
