The Market It was the seventh week of lower closes for March soybean futures. After this week’s 1.7 percent haircut, soybeans are now trading at a two-year low and at less than $12/bushel. All calendar year 2024 soybean futures contracts are now below $12/bushel, except oddly the July contract. March soyoil lost 4.6 percent on the week after settling today at 44.73/pound. The March and May contracts for soymeal hit contract lows to start the week but bounced higher thereafter, adding 2.2 percent in value following Friday’s close at 356.8/ST.
Speculators in the most recent week added 73 percent to their net short position with a total now at 146,623 contracts. USDA’s weekly Export Sales report showed...
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...
