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Soybeans closed about 1% lower and soyoil fell 3% while soymeal lost about 0.5% amid a broad commodity selloff tied to the Omicron variant. Soybean sales reached 57.5 million bushels, toward the high end of estimates, and Brazil's Agroconsult forecasts a record 2021/22 crop.
Record expected Brazilian supply and the broad selloff weigh on soy complex prices, though solid US export sales offer some support.
traderscommunity.comThePitBossNov 28, 2021Not 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.
Describes a broad commodity selloff on Omicron concerns that pressured soybeans, soyoil and soymeal, which is the sentiment mechanism behind the drop, though the meal loss was only about 0.5%.
