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Chicago soybean futures slid on Friday as soyoil declined and funds squared positions ahead of USDA grain stocks and planting reports. Corn and wheat recovered from prior losses but ended the week lower, with the May soyoil contract dropping to a 2.5-week low.
Soyoil weakness and fund liquidation drive near-term soybean declines, while analysts expect the USDA reports to set the next directional move for corn and soybeans. Strong biodiesel demand provides underlying support for soyoil.
grainews.caChristopher Walljasper, GFM Network NewsMar 27, 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.
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.
Soyoil slid to a 2.5-week low as funds squared positions ahead of USDA reports, showing the position-liquidation mechanism.
Reports funds squaring positions ahead of USDA reports and May soyoil dropping to a 2.5-week low, consistent with liquidation pressure.
