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Analyst Clayton Pope argues that the recent soybean price rally is supply-driven rather than demand-driven, citing an 346 million bushel drop in August-to-November supply. He acknowledges USDA's 75-million-bushel rise in export estimates but downplays Brazilian and Argentine dryness as premature concern.
If the rally is supply-led, prices depend on the size of the U.S. crop and South American output rather than sustained demand, which affects how buyers should hedge feed costs into 2021.
brownfieldagnews.comTom SteeverNov 25, 2020Not 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.
