Soybean Futures Rebound on Signs of Tight Domestic Supplies

Soybean futures have been lifted from a recent pull-back in prices in the last week amid signs of contracting US soybean stockpiles. Soybean futures are up over 0.15 cents per bushel (as of this writing) following a near 0.30 cent rise yesterday.

 

He’s the good news for US soybean farmers: industry data revealed earlier this week shows demand from domestic soybean processors rose almost 4% in February compared to the same time last year. Plus, soybean exporters have sold more of their product since the marketing fiscal year began in September than the USDA projected for the full season.

Laura Taylor, a senior commodities broker at RJO Futures in Chicago, had this to say regarding the current soybean futures situation, “Soybean (futures) continue to attract capital on the buy side as expectations of tightening of US stocks offer support.”

The trend for soybean futures remain UP, the market tests its March 7th recent highs. We are long soybean futures, but I have tightened the protective sell stop earlier this morning.

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