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Soybean futures have traded in a narrow range, roughly where they were two months earlier. AgMarket.Net analyst Brian Splitt says the trade is now focused on weather and demand after the May WASDE, with USDA's new-crop balance sheet assuming 375 million bushels more export demand than the current marketing year.
Export demand assumptions drive ending stocks; if China buys aggressively from the US this fall, supply tightens and supports soybean and meal prices, while Brazil's price advantage limits the upside.
farmprogress.comBrian SplittMay 16, 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.
