The Market The March soybean contract ended 2022 at $15.24/bushel, the fourth yearly rise in soybean values. As this first week of trading in 2023 comes to an end, March soybeans are down 31.5 cents at 1492.5/bushel. March soyoil lost almost a penny this week while March soymeal saw a net gain of $6.60 and is valued at 477/6/ST. In fact, today saw a contract high with March soymeal trading intrasession at 479/ST.
The question is whether soybeans were overdone in 2022 and are now part of a broader commodity sell-off for 2023? Or is this just one more in a long series of retracements as the market gyrates trying to find real value?
Despite the decline in soybean prices, the weekly CFTC report showed non-commercial soybean specula...
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