Following a day of significant strength and approaching cash market convergence, Sep-22 soybean futures closed last week a bit weaker than it started at $15.105 per bushel. Nov-22 futures closed at $14.205 per bushel.
S&D and fundamental factors
StoneX raised their forecast U.S. soybean yield to 51.8 bushels per acre—closer to USDA’s current projection of 51.9 bpa—and pegged Brazilian production at 153.6 MMT.
Weather, macro indicators, and news
Crude oil prices came under pressure earlier last week (though have since rebounded) with China implementing additional measures in Shenzhen, a major city with a population of around 20 million people. Factory output has suffered throughout the summer under various COVID-induced lockdowns.
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