Market Matters
Todd Hultman DTN Grains Analyst
Fri Jan 15, 2016 10:50 AM CST

Sometimes it pays to ask. For months, I have been scratching my head, noticing that USDA's ending soybeans stocks estimates for Brazil were uncommonly low while Brazil's soybean prices stayed relatively cheap, trading lately at roughly $9 U.S. per bushel in Paranagua.

Then Tuesday's report from USDA lowered the estimate of Brazil's ending stocks from 36 million bushels to an unbelievably low 17 mb for the current marketing year, which ends in two weeks. So I asked USDA for help in understanding how supplies could be so low while prices seem unfazed.

USDA's economist was extremely helpful. Although the agency ...

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