In today’s briefing:
- Solid Brazilian Rains Dampen Soybean Prices
Solid Brazilian Rains Dampen Soybean Prices
- Brazil’s weather is set to improve with forecasts suggesting milder weather and rainfall; This alleviates concerns over Brazilian Soy crop.
- Seasonal trends during El Niño years differ: Soybean provides negative returns in December-February. Worsening El Niño likely to lead to more favorable conditions for Brazilian Soy crop.
- Technicals point to price reversal and bearish outlook. Options OI and futures positioning per COT report reaffirms bearish outlook.
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