Despite what most would consider a bearish WASDE report (at least for domestic soybeans and soybean oil), soy complex futures ended last week considerably higher than they began. Jan-22 soybean futures closed at $12.445 per bushel, up nearly 5 percent from last Monday.
S&D and fundamental factors
Last week’s WASDE showed modest changes to the domestic soybean balance sheet, putting U.S. and global ending stocks at 340 million bushels and 103.78 MMT, respectively.
Weather, macro indicators, and news
Weather in South America remains mostly favorable, although Argentina could use rain in the coming days and weeks to replenish soil moisture.
The U.S. dollar shot up this week with the index trading above 95. A strong dollar has historically been seen as bearish to U.S.-based commodity export demand.
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