Commentary May soybeans saw corrective selling today before closing at $15.15, down 13 cents on the day. May soybean meal saw losses of $5.60 and closed at $487.80. May soy oil saw selling alongside crude oil, closing 179 points lower at 58.66 cents. Soybeans saw losses amid profit-taking after the recent four-day rally and ahead of tomorrow’s WASDE report. It was a sea of red for most commodity sectors today as the Dollar rallied while equities and energies got slammed following comments by Fed President Jay Powell that were seen as overly hawkish in my opinion. US Ending stocks for beans are looking to come in at 220 million bushels versus 225 last month. The range of guesses is from 200 to 250. As eyes are always on the bean ending stocks number, the trade will also have an eye on Brazilian and Argentine soybean production. Argentina is the problem in my view and the drought there is a big reason why we have 15.00 old crop beans and meal near 5.00. Historically high in my view. Argentina is the World’s largest bean crusher. The average trade guess for production there is 36.65 million metric tons, down almost 5 […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
