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A CME Group trading-room note reviews agricultural and energy markets amid mixed macroeconomic signals. It notes that soybean meal rallied more than 10% in a few days before retracing toward support near 365, and that corn is retesting resistance-turned-support near 460.
It also says commercial long positions in corn are near historic highs.
Recent technical rallies in soymeal and corn, along with heavy commercial buying, point to firmer near-term prices for feed ingredients. The note is routine technical commentary rather than a new supply or demand shock.
cmegroup.comMay 21, 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.
