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DTN analyst Todd Hultman reports that since May 12 highs, the National Soybean Index has fallen over $3 per bushel and July soybean meal is down over $100 a short ton. He describes demand for soybeans and meal vanishing over the past six weeks after USDA had kept ending stocks tight.
A sharp drop in cash bids and meal futures reduces feed protein costs for buyers, while signaling that demand destruction has shifted the soybean complex from bullish to bearish.
dtnpf.comTodd HultmanJun 25, 2021Not 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.
