Soybean trade is crucial for China, which imports 90 per cent of its requirements and has been on a demand growth trajectory.
The combination of poor autumn rainfall in the northern cropping zones, above average temperatures had resulted in a sharp deterioration in the northern soil moisture reserves and is eroding the outlook for a successful winter crop.
In general terms the USDA Report appeared to be neutral for wheat with US supplies (stocks plus production) increasing a little, and global supplies falling a little.
Global ending stock estimates for 2018/19 for corn, soybeans and wheat all came in lower than market expectations, but the same numbers for the US were all above what market watchers were expecting
The wheat market rallied early last week, moving sharply higher after extremely cold weather hit the US winter wheat belt.
From a rainfall perspective, autumn across southern NSW has been scratchier than a cricket ball left in the care of Cameron Bancroft.
As always, there are still more questions than answers when facing the full stretch of a new crop campaign.
The grain markets are still digesting the planted acreage numbers released by the US Department of Agriculture just ahead of Easter.