OC export sales exceed expectations, even if low it is surprising considering the time of year and the size of SA crop. Unknown and China, usually one and the same, were almost 280 of the 473 TMT booked. It is more of an indication of logistical issues in SA than the fact our beans are needed. The more disappointing and to me a problematic issue is that NC sales continue to lag and are getting far enough behind previous years at this point there doesn’t seem enough time to catch up. That means we will be wondering what to do with all these beans should the extra acreage and yield hold up to current prospects. This should have a weakening effect on NC spreads as carry in the front months should take place as soon as we are further into the crop year and have confirmation the crop is on track for the size anticipated. Products were in range and they are in the same boat as beans, limited NC sales most notably for meal. Look for both sides to trade today and for weather forecasts to be the best market mover should they change.
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