Pro Farmer newsletter is now available!… Soybean futures poked above the Dec. 3 highs on reports China would buy at least 5 MMT of U.S. soybeans, but the market pulled back when USDA confirmed only 1.43 MMT of the purchases Thursday and Friday. Our best China sources say the country also bought some U.S. wheat and pork this week, though nothing was announced. China watchers believe the country will continue to buy more U.S. ag goods in the weeks ahead. If Chinese bean buys are spread over the course of weeks, it’s likely going to be difficult to get the market overly excited.
China is clearly the focal point for the markets, but there were a lot of other things that happened this week, including USDA’s December crop reports, the passing of a new farm bill and a new proposed WOTUS rule. We cover all this and much more in this week’s newsletter.
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