The Market Today’s USDA WASDE report should drive discussion, but it was mostly neutral. The 20-day moving average has begun to rise and November soybeans hit 1031 less than a week ago, lending hope for bulls that it can break 1050/bushel resistance. But the stocks-to-use ratio remains at its second highest historically, and so it will require substantially more Chinese purchases of U.S. soybeans, which are at a 90₵/bushel discount to Brazil.
Soyoil cash basis is down as end buyers appear covered. Petroleum prices have been falling but rallied today as the EIA cites increased U.S. demand that could lift crude prices back above $80/barrel.
USDA’s Crop Progress report this week was unremarkable except that 65 percen...
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...
