Poor export sales, a beneficial weather forecast and Ukraine export news pressure grains. April 20, 2023
Three negative news items pressured soybeans today. Weekly export sales were terrible, NOAA suggested good weather in May and the summer and the trade removed risk premium for Ukraine exports. July gapped lower to start and left a 1/2 cent gap on the daily chart to 1477 1/2. On the intra-day chart that gap is up to 1478 3/4. Slightly positive, the July held its 50% retracement support at 1462 1/2. November has problems and pushed below all trade in this month of April. It is now back to prices from 3/28.
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