The Market The soy complex followed last week’s modest gains with a larger move upward thus far this week. The funds are still near a record short but with the RSI now over 40, they are no doubt covering some of their short positions. The competitive pricing and today’s Export Sales report proving it with a gigantic 2.6 MMT in sales last week is very supportive.
Soymeal is less of a story but last week’s export sales of 429 KMT was the largest in over a month.
December soyoil leads the pack with the close today up 4.3 percent thus far this week. The October contract closed above the 20-day MA and an intra-session high was the closest to the 50-day MA in a month. Part of the push is U.S. soyoil now being...
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...
