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March soybean meal made a new contract high of $487.00 on Jan. 18 but closed the week of Jan.
20 at $463.70, forming a weekly bearish outside reversal. Noncommercial net longs reached their highest in four years, and March soybean oil fell to 61.97 cents.
The reversal and large speculative long create liquidation risk for soymeal and soyoil, while Argentine rain and Brazil's harvest ramp-up reduce the drought premium that supported prices.
dtnpf.comTodd HultmanJan 23, 2023Not 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.
