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Soybeans opened the holiday-shortened week slightly higher after hitting a three-month low, supported by a softer dollar and rumors of China buying US beans for February shipment. Funds added to net short soybean and soymeal positions, with soymeal shorts at their largest since 2020.
Corn started the week slightly lower on wheat weakness and a lack of export news.
Chinese purchase rumors and cooler Midwest weather supporting soymeal demand offer some near-term support, but heavy fund shorts and weak vegoil prices keep the bearish tilt in place for feed buyers.
admis.comADMIS Research TeamNov 25, 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.
