Awful lot of air under that $8.
If you look back at where monthly USDA soybean prices were over the past 20 years and it looks like there's a awful lot of air under $8. And the next step down was just above $6.
If you add the 7.4 MMT (272 M bushels) the Chinese have purchased (?) but haven't taken delivery of to the WASDE's 970 M bu. then you can get to 1200 million bushel carryout pretty quick.
We've never been anywhere near 1200 million before. In fact, we've never been near 970 M bushel before.
Kinda takes your breath away, doesn't it?