Crop oils, energy prices and US weather pressure soybeans. June 22, 2022
Oilseeds were the leaders of the bear move today. Crop oils are in a free-fall with soybean oil down 15% from those contract highs posted just eight days ago. This pressure, from both the palm oil and the recent drop in energy prices, comes at the same time as US weather is not showing a consistent major summer threat. November soybeans broke their three month uptrend line today which was at 1491.
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