Soybeans Close Firm on Oversold Ideas
Following three consecutive days lower, CBOT soybean futures marked modest gains on Thursday. The market still lacks a significant driver, but prices are now the most oversold since last summer, with funds holding a historically large net short position. Funds were estimated buyers of 7,000 soybean and 6,000 soymeal contracts while selling 5,000 in the…
Needed Break in Precip Unlikely Next Two Weeks
Unfortunately, yet more rain is hinted at in the 11-15 day period. The better performing EU model advertises a very similar pattern beyond May 5th, with rainfall totals of 1-2” impacting much of the E Plains, Delta/Southeast and Midwest. Heavier localized totals will again favor OK, LA and AR. And 16-30 day guidance carries this…