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Todd Hubbs of the University of Illinois says the soybean market will depend heavily on exports to draw down USDA's estimated 620 million bushels of ending stocks. He is optimistic China will buy and says a weather premium has left the market.
He also flags coronavirus concerns weighing on meat and restaurant demand.
Reliance on Chinese export demand means that purchase pace will determine whether tight old-crop stocks support prices. Weakened meat demand from pandemic concerns is a downside risk for soymeal demand.
brownfieldagnews.comTom SteeverJul 14, 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.
