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U.S. soybean futures reached a session high of $10.89 per bushel on the CBOT, the highest since July 2016, supported by strong Chinese demand and tighter U.S. supplies after derecho and drought. USDA's October WASDE cut 2020/21 ending stocks to 290 million bushels from 460 million in September, and exports to China are running at a record pace.
Tighter U.S. ending stocks and record export sales support soybean prices and firm the cash market for farmers marketing the 2020 crop, which raises feed costs for soybean meal users.
iasoybeans.comIowa Soybean AssociationOct 29, 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.
