Soybean Markets Are At A Crossroads

An article by Farm Futures

A soybean market that showed impressive resilience much of this year appeared to reach a crossroads as the first half of June unfolded.

The brisk planting season followed by widespread rains and mostly crop-favoring weather across the Midwest took a lot of the wind out of bulls’ sails, sending futures prices tumbling from two-year highs above $12 per bushel in May.

Mid-June brought more grist for the mill, including USDA’s World Agricultural Supply and Demand Estimates report that did no favors for bulls. Perhaps a more significant near-term development, however, came with a long-awaited U.S.-Iran agreement to, at some point any day now, finally end the war. That was enough to send crude oil futures to three-month lows and likely remove one of the key bullish props for soybeans this year.

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