The Market The floor fell out of the soybean market this week as the November contract lost 48.25 cents, closing below $12/bushel for the first time in two years. The July contract shed 82.75 cents to 1307.25/bushel, the lowest close in over a year. Soybeans are now technically oversold. July soymeal fell 5.5 percent and July soyoil dropped 4.5 percent.
There are multiple reasons for the descent:
WASDE forecast for more soybean carryover. Good weather for growing more soybeans. Questions about Chinese demand. Brazil’s huge supply dominating the export market. A two-month extension of the Black Sea grain corridor agreement
One area was the bleeding slowed is in palm oil prices based on renewed Chinese buying.&...
What You Need to Know Today: The hot, dry weather forecast continues to drive strength in grain futures with corn and soybeans hitting another day of strong gains. Monday’s Crop Progress and Conditions data were in line with market expectations and showed relatively few concerns for the...
Yesterday we wrote about the Q1 GDP numbers and the June employment reports in an article entitled Real GDP for Q1 Relying on AI Buildout, Held Back by Consumer Spending. That article mentioned that consumer spending had become a drag on GDP. Nonetheless, real GDP in Q1 was revised upward to 2...
Key Takeaways: The Middle East and North Africa's arid climate and limited water resources have created a structural dependence on imported wheat. Government wheat tenders in major importing countries serve as important benchmarks for global trade, providing insight into exporter competitivene...
