The Market November soybeans gained 31 cents on the week but are still running into resistance at $24/bushel. The current price is near a 2023 high and the presence of only light showers keeps the potential for any bin buster in check. Russia’s belligerence had little effect this week but certainly adds to the foundation in the market.
Please see WPI’s Matt Herrington’s insightful analysis on prospects for the soy supply/demand balance sheet located here. Speculators cut their net long position in soybeans by 3.8 percent in the week up to 11 July to 44,854 contracts. Net soybean sales for 2022/23 were up 58 percent on the week but down 43 percent based on the prior four-week average. New soymeal commitm...
What You Need to Know Today: There has already been a strong run of flash soybean sales announcements in recent weeks, but more than 1.4 MMT reported this morning is an exceptionally large single-day total with major implications for the market. If the sales to China and unknown destinations w...
On Friday, at 6:57 AM, President Donald Trump announced, via a social media post, a 90-day window during which up to 300,000 metric tons of product for ground beef could be imported outside of tariff-rate quotas—a move aimed at bringing down costs for American consumers. This is the secon...
