The lack of model agreement and the 2nd slowest pace of US soy seeding on record was supportive. ARC expects the pace of soy seeding to accelerate this week across the Plains and Western Midwest. Key thereafter will be whether soaking rains delay planting further across the E Midwest in mid-June? The GFS is rather…
CBOT soy futures closed slightly higher after a back-and-forth trade in moderate volume. Funds continue to exit their net short soy position with brokers estimating Monday purchases of 4,000 contracts. NASS reported that for the week ending June 2nd, US soybean seeding advanced to 39%, up 10% from the prior week, but near record slow…
CBOT soybean futures were unable to sustain early gains with futures declining to fresh lows at the close. The lower close sets a bearish technical outlook for next week. Funds ended as net sellers of 3,100 contracts on the day. Threatened tariffs against Mexican goods into the US by President Trump (continued flow of illegal…
CBOT soybean futures rallied on continued fund short covering with this being the 3rd day of active buying. Brokers estimate that funds bought close to 18,000 contracts of soybeans, 7,500 contracts of soymeal and 2,500 contracts of soyoil on Thursday. Since Tuesday, ARC estimates that funds have bought 50,000 contacts of soybean futures as wet…
CBOT soybean futures rallied another 16 cents. Corn-bean spreads are being unwound, South American cash prices continue to rally, and fund short covering is just beginning. ARC estimates that funds are near flat in corn and Chicago wheat. However, even following this week’s advance, managed funds are estimated to be short a net 115,000 contracts…
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