The Market The January soybean contract closed out the week with an overall gain of 32.25 cents, the best of any grain crop contract, and is now priced at 1351.75/bushel, a new one month high. Support is coming from tight stocks and concerns about Brazilian weather and output. December soymeal was down slightly as the January contract gets pushed and was up $5.50 for the week to a new contract high of 432.50/ST. By contrast, December soyoil lost 2.91 cents for the week and January soyoil lost 2.35 cents.
Speculators had reduced their net short position in soybeans the week before and now they are net long by 7,834 contracts as of 31 October. USDA’s weekly Export Sales report showed new commitments at the lower end of market...
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...
