Deteriorating US inventory estimates and growing weather is check-mated by large harvests and inventories in other parts of the world. Having started their US crop growing season burdened down by large inventories and an unusually fast pace of early crop planting, corn and soy were due to rebound on any weather upsets that show up even in most normal growing seasons.
With feed demand growth shifting from China to Southeast Asia, South American soy exports will boom, but in a very segmented, differentiated manner. Along with playing a huge role in putting meat on European and Asian tables, South America is a key feed crop supplier. Even so, the center of its export growth is shifting, from China, which has dominated the market for over two decades, to Southeast Asia.