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China has not actively cancelled U.S. soybean purchases, but is reportedly looking to wash out or defer delivery on up to 2.4 MMT of South American shipments.
Meteorologist Gail Martell provides her weather insight.
The fear that fueled grain markets Monday has dissipated, causing grain futures to ease.
Slight improvement seen across High Plains and Midwest, but expansion of drought across South.
A potential major short squeeze is setting up in the oats market as the March contract gets set to enter delivery.
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Chinese cancellations are expected and ‘in’ the market.
The report data may have put in a short-term top for the soybean market.