Soybeans fail to hold after positive shipping data. October 24, 2022
Good weekly shipment data should have cooled down some of the trade's concern regarding this China/river situation. The slight slip in Brazil's planting pace was also a positive. This has slightly increased the trade's hopes of holding USDA's current 200 million bushel ending stock view ($14.00 implied). Bears note Brazil's planting pace, though now slightly behind, is not in any real question.
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Funds sellers of 21K, slightly higher support due to exports
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SA maps still look solid for rains in the 10 day
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Trade expects strong exports and more 8 AM announcements
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Overnight reacting to slow BRA planting pace and may be looking for new China buying
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