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July soybean meal futures have fallen nearly $60 per ton since March 7 and closed lower for seven straight sessions. The analyst says funds have likely liquidated most of their net-long positions and momentum indicators are oversold.
Analyst sees support at $415-423 and a possible rebound as Argentine crop losses and low US ending stocks support meal, though the price direction is currently bearish.
dtnpf.comDana MantiniApr 27, 2023Not 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.
