The soybean market took a series of body blows last week, like a prize fighter covering up and trying to make it until the round ends. Beans made it through a very rough month of February, but the punches may keep coming.
Rains in Argentina appear to have stabilized production there, though the exact size of the crop is still somewhat uncertain. Perhaps a bigger dent to bullish hopes came out of the export market, where China cancelled at least three cargoes as it shifts towards South American origination.
There was a little friendly news. The government in Argentina may move to control crop prices, a threat that could spur more farmer protests. And USDA's estimate of 2009 acres was substantially below the market.
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