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Front-month soybean futures fell 22 to 24 cents on July 15, with soymeal down $5.60 per ton and soy oil posting losses. Managed money held a record CFTC net short of 172,605 contracts, and NOPA reported June crush of 175.6 million bushels, below trade estimates.
A record fund short and a below-expectation crush figure reinforce bearish soybean and meal pricing, though a short base can invite sharp rebounds.
barchart.comAlan BruglerJul 15, 2024Not 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.
Front-month soybeans fell 22-24 cents on July 15 as record fund net short, bearish NOPA crush miss and technical selling drove the one-day drop.
Same-day collapse in soybeans with soymeal down $5.60 and a below-estimate NOPA crush alongside a record fund net short signals weak meal demand and heavy speculative selling pressure.
July 15 soybean selloff with soymeal down about $5.60/ton and record fund net short shows heavy speculative selling pressure on meal.
Further July 15 declines with record managed money short positioning and NOPA crush below estimates reinforced selling pressure.
