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As of April 19, 2024, November soybeans closed at $11.61 a bushel, down 25 cents in April. Brazil is nearing the end of its harvest and Argentina is just starting, with combined supplies estimated at 7.3 to 7.5 billion bushels.
Argentina's harvest progress of 14% lagged the five-year average, and the market closed higher on that report.
Large South American supply is bearish, but slow Argentine harvest progress due to rain offers some short-term support. Traders weigh these factors against the expected new-crop supply.
dtnpf.comTodd HultmanApr 22, 2024Not 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.
