Soybean futures posted a strong rebound last week, with Sep-21 futures closing on Friday up by over $0.65, at $13.5925 per bushel. Nov-21 soybeans closed lower (but higher for the week) at $13.2325 per bushel.
S&D and fundamental factors
2021/22 export sales have trickled in virtually every day since the beginning of August. Outstanding sales for the new crop currently total around 588 million bushels, already 29 percent of the 2.055 billion bushel estimate from USDA.
Weather, macro indicators, and news
New reports surfaced last Thursday that EPA will be recommending to retroactively lower biofuel blending mandates for 2020, per sources associated with Reuters. The report also indicates EPA will push for lower levels for 2021 but boost mandates in 2022. Nothing has been confirmed just yet.
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