Mar-22 soybean futures saw a volatile week of trading, with prices making fresh highs of $16.33 per bushel last Thursday morning before crashing to close at $15.74 per bushel. On the week, prices moved up 32 cents per bushel to $15.85 per bushel.
S&D and fundamental factors
USDA lowered global soybean ending stocks for 2021/22 to 92.83 MMT in this month’s WASDE report. However, this may not have been sufficient. CONAB lowered its production forecast for Brazil to 125.5 MMT, down 12.5 MMT from the year prior.
Weather, macro indicators, and news
The ECB is signaling a possible change of heart on raising EU interest rates. With inflation a major concern globally, many leading economies already have or are hinting at interest rate hikes this year.
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