ADM Comments On Soybeans

ADM Comments On Soybeans
ADM Comments On Soybeans

SOYBEANS 

Soybeans turned higher in part as managed funds reduced net short Oilseed positions and long financial and energy positions. There was also talk that China may have been looking for prices for US Soybeans. Soybean and soymeal prices have become oversold and may have seen some short covering before first notice day and the weekend. Next 5-7 days could be wet across most of the US Midwest.

This could slow early field work. The 2 key news that could trigger large fund short covering would be a weather issue or a new US and China trade deal. Weekly US soybean export sales were near 22 mil bu.

Total commit is near 1,649 mil bu (-328) vs 1,977 last year. USDA goal is 1,875 (-254) versus 2,129 last year. USDA estimates World soybean trade near 5.650 mil bushels.

 

 

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