Soybeans fail to hold the day’s gains. Eyes are on crop oils. December 27, 2022
Soybeans jumped out of the gate this morning with a gap higher open and a quick rally to +38 1/4 cents at one point. Heck, that upside gap left from June was even within range at one point. China's removal of quarantine restrictions for new visitors was a driver. That helped perception of future soybean imports, soybean oil demand and palm oil demand. But the day's close was only +4 1/2. This would be a rejection of prices over 1500. Over the past six months we have now seen two attempts at +1500. Both have failed to hold by the day's close.
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Allendale Insider
Allendale Insider
On The Go
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Soybeans and wheat see pressure this week. Corn holds.
September 22, 2023
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September 22, 2023
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Grains show export sales disappointment.
September 21, 2023
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Hogs surpass last week’s high.
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September 22, 2023
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Market Movers
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December found light support at 474 yesterday/last night, chart open to 467 ¾, rains added again.
September 22, 2023
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Rains dramatically reduced in the 6 – 10 day forecast, exports may be expected disappointing.
September 21, 2023
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Rains in the 10-day outlook may slow harvest and offer mild support, exports are needed.
September 20, 2023
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Harvest at 9%, analysts expected 10%, the forecast may slow harvest days 1 – 5
September 19, 2023
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Funds were aggressive sellers of 41K, now short 135K or 42% of record, solid harvest forecast.
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Market Movers
September 22, 2023
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Snapshots
Snapshots