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March soybean futures reached their highest level in about six and a half months, supported by strong export sales, biofuel-driven soyoil demand and drought in Argentina. Brazil's crop is expected to be record large, and low Mississippi River levels are hampering US shipments.
The chart is approaching overbought territory.
Strong US crush margins and biodiesel demand support soy and soyoil prices, but a record Brazilian crop could cap the rally. Mississippi River constraints could push USDA to cut US export forecasts.
dtnpf.comDana MantiniJan 3, 2023Not 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.
