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Soybeans closed lower on commercial and technical selling after the USDA report, and soymeal and soyoil followed. Corn also finished the week lower after a bearish reaction to the USDA numbers.
Traders are now watching US-China trade relations and crop weather.
Lower soy complex prices reduce feed protein costs for buyers in the short term. Hot, dry weather forecasts in key US growing areas could reverse the move.
brownfieldagnews.comJul 10, 2020Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not 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.
Soybeans closed lower on commercial and technical selling after the USDA report and soymeal followed, a direct sentiment-driven decline in meal in the days around the move.
