Soy complex rebounds as Midwest weather turns ominous
Soybean futures demonstrated their greatest gains in about 18 years last week as weather concerns moved into the market. Aug-22 soybean futures increased by $1.64 per bushel last week to close at $16.37 per bushel on Friday. Nov-22 futures increased 9 percent over the week to close at $14.685 per bushel.
S&D and fundamental factors
The U.S. soybean crop was rated 59 percent good to excellent as of the week ending Jul. 24—down a few points from the week prior and up modestly from year-ago levels. About 26 percent of the crop had begun setting pods, the early indication yield development.
Weather, macro indicators, and news
A hot, dry spell is expected to impact a large swath of the Midwest over the next week, adding yield concerns to market sentiment. With the crop having been planted late, this weather coincides with the reproductive period for much of the nation’s soybean crop.
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