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.
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Rising costs and prices are shifting acreage toward soybeans. Most fertilizer prices are up double digits from this time last year, with Urea seeing the largest gains.
