Significant U.S. acreage reduction reinvigorates soy complex
Jul-22 soybean futures began last week with four consecutive days higher, rallying from $16.10 per bushel to $16.75 per bushel. Prices were not able to hold on Friday, though, as profit-taking took place and brought that contract down 49 cents per bushel, to $16.26.
S&D and fundamental factors
U.S. soybean acreage was lowered in USDA’s report last Thursday from an initial estimate of 91 million acres to just 88.3 million. Roughly 15 million acres had yet to be planted when farmers were surveyed for the report, leaving the estimate elusive.
Weather, macro indicators, and news
The weather forecast is improving with cooler temperatures and regular rains expected over the next week. Forecasters continue to project temperatures will run above average and rain below average for the central portion of the Grain Belt.
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