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...
Key Market Insights The broad market is locked in on this week’s Trump-Xi meeting in Beijing, but this is no longer just a trade summit. Increasingly, the meeting is becoming tied directly to Iran, energy security, and the growing global economic fallout from disruptions through the Strai...