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Stewart Peterson's market adviser says three August weather events, including the derecho, heat and dryness, shifted the soybean outlook from bearish to potentially bullish. Many Midwest states recorded about half of normal August rainfall during the critical pod-filling stage.
November soybean futures returned near $9.25, a level not seen since early March, and funds are long roughly 100,000 contracts.
Crop losses during pod fill and a rally to pre-COVID levels raise soybean costs and make soybean meal supplies tighter for feed buyers.
farmprogress.comNaomi Blohm27 Agu 2020Setelah 1.079 peristiwa cuaca bullish sebelumnya, Kedelai bergerak median +0,3% selama 5 sesi (54% lebih tinggi; separuh tengah -1,4% sampai +2,0%), dan +0,9% selama 20 sesi.
Setelah 453 peristiwa cuaca bullish sebelumnya, Bungkil Kedelai bergerak median +0,5% selama 5 sesi (55% lebih tinggi; separuh tengah -1,6% sampai +2,7%), dan +0,5% selama 20 sesi.
Pergerakan benchmark setiap komoditas dari penutupan terakhir sebelum peristiwa. Pembacaan historis menggabungkan peristiwa serupa di masa lalu; itu menggambarkan apa yang terjadi, bukan apa yang akan terjadi. Bukan nasihat investasi.
Dry August and derecho damage during pod-filling shifted the soybean outlook bullish, pushing November futures to about $9.25 on the final day of the window.
