<\/p>\n<\/a>Grains<\/u> –
\nIt is perhaps worth noting that the Brazilian soybean export line-up is starting to show signs of perking up.\u00a0 The line-up posted yesterday showed the largest soybean tonnage seen since early fall.\u00a0 Though still below last year\u2019s levels, which weighed on early season 15\/16 US exports, the line-up could quickly pick up pace considering expectations for early harvest in northern portions of Brazil.<\/p>\n
<\/p>\n
Here in the US the soybean shipment pace continues to seasonally slow down.\u00a0 Still, shipments are remaining above year ago levels.\u00a0 As you can see in the chart US shipments to China are slowing down considerably, again following seasonal trends.\u00a0 Despite the fact that the tapering of the export program is following the seasonal norm, I do have some concern that the shipment pace is starting to fall short of what is needed to meet the WASDE projection.\u00a0 I have a chart showing a history of Census exports and estimates for recent months based on inspections data.\u00a0 The slowdown in shipments has been fairly sharp in the past few weeks and wouldn\u2019t necessarily argue that WASDE\u2019s projection will be reached.\u00a0 The question is whether last year\u2019s summer demand was just an unusual circumstance following shortfalls in SAM production last year or if we should expect to see improved summer demand going forward.\u00a0 If last summer\u2019s demand was an outlier, then I suspect WASDE might prove to be high on their export projection.<\/p>\n
<\/p>\n
<\/p>\n
DISCLAIMER<\/u><\/strong>:<\/strong> Grains – It is perhaps worth noting that the Brazilian soybean export line-up is starting to show signs of perking up.\u00a0 The line-up posted yesterday showed the largest soybean tonnage seen since early fall.\u00a0 Though still below last year\u2019s levels, which weighed on early season 15\/16 US exports, the line-up could quickly pick up pace […]<\/p>\n","protected":false},"author":4,"featured_media":1651,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[13],"tags":[],"yoast_head":"\n
\nThe information contained herein has been taken from trade and statistical services and other sources we believe are reliable. Opinions expressed reflect judgments at this date and are subject to change without notice. These materials represent the opinions and viewpoints of the author\u00a0 and do not necessarily reflect the opinions or trading strategies of Nesvick Trading Group LLC and its subsidiaries. Nesvick Trading Group, LLC does not guarantee that such information is accurate or complete and it should not be relied upon as such. Officers, employees, and affiliates of Nesvick Trading Group, LLC may or may not, from time to time, have long or short positions in, and buy or sell, the securities and derivatives (for their own account or others), if any, referred to in this commentary. There is risk of loss in trading futures and options and it is not suitable for all investors. PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RETURNS. Nesvick Trading Group LLC is not responsible for any redistribution of this material by third parties or any trading decision taken by persons not intended to view this material.<\/p>\n","protected":false},"excerpt":{"rendered":"