The soybean complex is again mixed following the USDA report. It appears traders adequately priced in the negative fundaments ahead of yesterday’s report. The USDA raised global production 1 mmt and increased the
US stocks figure by 10 million bushels. Weak crush margins and lower export demand will keep pressure on the US soybean complex. Particularly, give the improvement in the South American weather conditions. The strength in the US dollar has taken away pricing power for the foreseeable future. Something we’re not likely to regain before harvest! Outside markets are turning around in a positive fashion with the S&P trading 18 points higher, 10 year Treasury down 10 ticks, and Crude oil up 10 cents.
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