The Market The soy complex followed last week’s modest gains with a larger move upward thus far this week. The funds are still near a record short but with the RSI now over 40, they are no doubt covering some of their short positions. The competitive pricing and today’s Export Sales report proving it with a gigantic 2.6 MMT in sales last week is very supportive.
Soymeal is less of a story but last week’s export sales of 429 KMT was the largest in over a month.
December soyoil leads the pack with the close today up 4.3 percent thus far this week. The October contract closed above the 20-day MA and an intra-session high was the closest to the 50-day MA in a month. Part of the push is U.S. soyoil now being...
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...