China
John Heinberg with Total Farm Marketing says grain markets rallied on Thursday as Argentina’s government announced it would be renewing its export tax.
Sam Hudson with Corn Belt Marketing says grains saw an early bounce on Thursday with news overnight that Argentina had reinstates it’s export tax on grains, which is at 26% for soybeans.
China, the world’s biggest buyer of soybeans, has yet to book any U.S. soybean cargoes from its autumn harvest.
China significantly ramped up its buying of soybeans from Argentina this week.
Mark Schultz, Northstar Commodity, says soybeans ended lower in tandem with lower soybean meal as China reportedly bought another 10 plus cargoes of lower priced Argentine soybeans after they dropped their export tax.
Kent Beadle with Paradigm Futures says the soybean market saw a bit of recovery on Tuesday and was trying to hold Wednesday morning with news that China has purchased more Argentina soybeans.
Brian Grete, senior analyst with CommStock Investments says the soybean market has priced in most of the negative export news out of Argentina.
Arlan Suderman, chief commodities economist for StoneX, says soybeans did technical damage on hangover from the disappointing talks with China and Argentina’s announced export tax holiday.
Shawn Hackett, Hackett Financial Advisors, says the soybean market fell on disappointment talks between President Trump and Chinese President Xi on Friday did not include soybeans, that also weighed on corn and wheat.
Scott Varilek with Kooima Kooima Varilek says cattle futures have seen a choppy week but are higher to start Friday after some better than expected cash trade.