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Soybean and corn futures rebounded on short covering and technical buying after being oversold, with dry weather concerns in parts of the Midwest. China's July soybean purchases were 8.64 million tons, and its National Grain and Oils Information Center cut its 2019/20 soybean import estimate by 2 million tons to 87 million.
Short-covering bounces offset weak fundamentals, but the cut in China's import estimate is bearish for US soybean demand. Dry weather risk supports prices until the August USDA report.
brownfieldagnews.comAug 8, 2019Not 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.
