Soybean futures felt the influence of speculative liquidation last week despite a bullish WASDE report. Aug-22 soybean futures closed the week at $14.66 per bushel, down by $0.56 per bushel from last Monday. November beans are down by $0.63 over the week at $13.42 per bushel.
S&D and fundamental factors
This month’s WASDE lowered domestic soybean ending stocks for 2022/23 to 230 million bushels, leaving little room for any loss in yield/harvested acreage in the upcoming marketing year.
Weather, macro indicators, and news
Indonesia’s biodiesel blending mandate is being raised to 35 percent from 30 percent. The country is also expected to announce new rules on palm oil exports that could lead to additional selling. Stocks of palm oil at the end of May, at 7.23 MMT, were nearly double those of last year.
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