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Corn and soybean futures lost ground during the week as a technical correction followed a strong prior rally. Analyst Arlan Suderman said South American weather is less threatening and Brazil's soybean harvest is progressing slowly, with only about 8% of Mato Grosso soybeans mature versus a typical 40%.
He suggested soybeans could fall below $12.
Momentum-driven selling after an overbought rally, combined with less weather risk, pressures soybean and corn prices lower. Slow Brazilian harvest progress limits how far the decline may go in the near term.
brownfieldagnews.comMark DorenkampJan 22, 2021Not 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.
