Prices remain near correction territory, down 9% since President Trump signed an agreement between the US and China to increase purchases of American products, dubbed the phase one trade deal.

Tracking bulk carriers of soybean shipments, Reuters' Karen Braun discovers a "rush hour traffic of soybeans from South America to Asia continues."

Braun said, "Official export data suggests Brazil shipped close to 31 mmt in April-May. That includes 22.2 mmt to China, some 66% more than the same period a year ago." 

She also shows a progression map of soybean shipments post the signing of the phase one trade deal through June 10. What it suggests is that China dramatically increased soybean shipments from South America while altogether ditching US markets.

At the moment, very few to no bulk carriers are carrying soybeans across the Pacific Ocean from US West Coast to Asia/China (a decline in shipments has been seen over the last several years since President Trump waged a war on trade against China -- Beijing simply went elsewhere to shop).