This “slow leak” continues and now in its 10th straight session and the longest losing streak since November 2013. Just as speculators had led the mid-January to late February charge higher, they are bailing out and the key driver lower as well.
The strong U.S. dollar continues and even though export sales YTD still have a nice “cushion” to sustain USDA’s current forecast, traders are expecting the sales pace to back off in the weeks ahead. Cancellations of past purchases by China are especially worriesome after USDA cut its estimate of Chinese consumption in yesterday’s March WASDE update.
