The Market November soybeans traded at a new intrasession contract low of 1031.75/bushel on Thursday, a four-year low, but then bounced back and closed at its high for the week. The big drop came on Monday and pricing has now stabilized. There is near-term support in that old crop soybeans and basis levels remain firm on domestic crush demand. Basis levels are now above the November contract. China is buying a lot of Brazilian soybeans but its economy and demand may not be as weak as believed if it is also now buying U.S. soybeans at these cheaper prices. And those prices will continue to err on the downside unless weather starts to look more threatening than it is currently.
This dynamic is even more stark for December soym...
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...
