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Soybeans made new lows on Tuesday, reaching levels not seen in three years, as funds sold aggressively. Rich Nelson of Allendale said the selling priced in trendline yields, with forecast rains for the eastern Corn Belt expected to offset western deficiencies.
A slump in soybean oil also weighed on the complex, and export pace trailed last year for old and new crop.
Fund selling and weak export pace add bearish pressure on soybeans and soybean meal, while soybean oil weakness reduces crush value. Corn and wheat exports running ahead of last year suggest they are less vulnerable.
agweb.comJul 10, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Aggressive fund selling priced in trendline yields, with soybean oil weakness and a slow export pace adding pressure.
