Soybean prices have fallen 5% in the past month, partly reflecting concerns about the oversupply resulting from China’s duties on $14 billion of U.S. exports. Given the volatility of commodity prices that seems a modest reaction, and may reflect a shortage of supplies offsetting a rebalancing in the global supply chain. U.S. exports fell 5% in February and 18% in the past three months, with Chinese imports down 18% and 27% over the same periods. Similarly Brazil’s exports in February – the first month of the peak season – were off 4% and China’s imports from Brazil were down 23%. With an...
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