Exports: Corn dips, soybeans plunge
Exports for Own Account: New exports for own account totaling 28,800 MT were reported for Canada. The current exports for own account balance is 38,300 MT, all Canada.
Having China cancel previously contracted purchases of 300,000 tones of soybeans Tuesday morning obviously did a number on CBOT soybean prices later that day and again on Wednesday despite news that a Memphis-based consulting company had lowered its forecast of 2013 U.S. soybean acreage by about 1.1 million acres. CBOT traders seemingly concentrated on the fact that the private forecast would still set a record for domestic soy plantings. The market kept sliding in Thursday morning electronic trading, thereby raising the possibility that January futures will soon test the $14.00/bushel area.