NEWS
Newsom on the Market
Darin Newsom DTN Senior Analyst
Fri Jan 17, 2014 06:14 AM CST

After the most recent Weekly Export Sales and Shipments report, DTN Grains Analyst Todd Hultman provided the observation, "Something doesn't add up. There must be something going on behind the curtain in regards to China's soybean demand." I agree. Taking the thought further, the market's view of supply and demand has not agreed with USDA's numbers since the 2013-14 marketing year began. Last Friday's January reports just added more fodder for disagreement.

The elephant in the room is Brazilian production. Recently, the Brazilian state agency CONAB pegged soybean production at a record 90.3 million metric tons. In its January WASDE ...

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