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ADM Investor Services reported that soybeans started the week steady after the Brazilian real hit an all-time low against the dollar, which may push Brazilian farmers to sell more aggressively. Brazil planting was 95% complete with very good conditions, while Argentina faced dry weather.
Soymeal futures were near contract lows on strong U.S. crush and heavy December deliveries, with extra DDGS output competing for feed demand.
Heavier Brazilian selling and strong U.S. crush add supply to the soy complex and weigh on meal prices, which lowers feed ingredient costs. Dry Argentine weather is the main upside risk.
admis.comADMIS Research TeamDec 9, 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.
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.
