Soybeans Balance A Slight Yield Cut Vs. Higher Acres May 3, 2022
Old and new crop futures were able to push below yesterday's lows and also close under them. These are the lowest closes for both ends since 4/7. Soybeans have a balancing act here with a potential slight hit to yields due to planting but the likelihood of some type of acreage increase. Also, if Indonesia's palm export policy is only a one month issue then this veg oil rally can stabilize and allow meal to pressure soybeans. Today's trade has continued the discussion of an ugly Double Top for November.
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Possible light fund short covering yesterday
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Funds sellers of 21K, slightly higher support due to exports
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Trade expects strong exports and more 8 AM announcements
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