We are starting to see a division in the market between North and South America. In North America, all attention is now on demand and how end users are consuming the newly harvested crop.

More importantly, the trade is looking at indications of the current consumption pace to continue, mainly on soybeans. In South America, nearly all interest is on production and how this year’s crops are developing.

Demand for U.S. soybeans remains high as buyers continue to secure coverage given a lack of movement out of South America. Labor issues in...