USDA lowered its soybean production forecast, which caused a rally. However, a social media post from the President earlier in the week also shook the market.
Darin Newsom with Barchart says he is not paying much attention to outside noise.
“For people in agriculture to believe that any U.S. President can ‘urge China to change its policy or its trade practice’ is beyond ridiculous, but yet that’s where we were. That’s where we were all Monday session, and now we’ll see what happens. I mean, will sanity return to the market? Probably not.”
Newsom says for him, it all comes down to fundamentals, something he says has not seen much change.
Related Stories
Seasonal price patterns can inform soybean marketing timing, particularly when harvest prices appear unusually strong or weak.
The USDA’s February WASDE report looms as the CME Ag Economy Barometer shows declining farmer confidence, and more ag industry groups calling for swift policy action.
The phone call injected optimism into the soybean market, but actual Chinese buying and its timing will ultimately determine the extent of U.S. agricultural export benefits.
U.S. Senator Roger Marshall of Kansas discusses expected changes to the 45Z tax credit and what they could mean for agriculture and rural America.
Purdue University Professor of Agricultural Economics Dr. Jim Mintert shares a closer look at farmer sentiment and the key issues shaping the agricultural economy in January.
China-led demand continues to anchor soybean and sorghum exports despite weekly swings.
