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Soybean futures fell after the July USDA report, which was slightly friendlier than expected but still showed weak longer-term supply tightness. CFTC data showed funds at a record net short in soybeans, and US export demand for soybean meal has been poor.
Heavy fund shorts and weak export demand point to continued pressure on soybean and meal prices, though a record short position raises the risk of sharp short-covering rallies.
admis.comADMIS Research TeamJul 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.
Weekly summary attributes the soybean decline to record fund net shorts and poor US soybean meal export demand, matching the mechanisms behind the meal drop.
