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.&...
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