It's becoming a really crowded trade. Based on the historical chart, soybeans have one more ramp job ahead next month. Oh yea, the latest Commitment of Traders reports Soybean buying among institutions has exceeded prior 12 month highs.
China Jun Soybean Imports Likely To Hit Record High -Ministry
China’s soybean imports in June are likely to reach a record high level of 4.617 million metric tons, according to a report by the Ministry of Commerce issued Monday.
It also cut its forecast for soybean imports in May to 3.96 million tons from earlier estimate of 4.29 million tons, according to the report published on the ministry’s Web site.
The estimate was based on importers’ reports during the May 16-31 period, and the regular forecast is usually lower than actuals as it doesn’t include all cargoes.
Brazil ‘08-09 Soy Exports To Reach Record 25M Tons -Conab
Brazil expects to export a record 25 million metric tons of soybeans from the 2008-09 crop, the National Commodities Supply Corp., or Conab, said on Monday. Conab said soybean exports should rise by over 500,00 tons compared to the 2007-08 crop. Conab said Brazil’s domestic market will also consume 34.6 million tons of soybeans in the same period.
Source: Newswire stories CME for Tomorrow. Research charts from Moore.