USDA report published on October 9th reduced ending stocks 20/21 to 290 mln bu with unchanged yield. Yields were expected to decline from 51.9 to 51.5, but that expectation never materialised. Stock to use ratio was around 6%!
Concerns about La Nina and influence on the weather in South America
Brazilian sowing behind schedule: 3.4% vs 11% on average. Dry weather is slowing down sowing especially in Mato Grosso to 3% vs 19.5% last year
Harvesting in US progressing well (55%)
Chinese demand for US soya has stayed steady throughout the month