Analyst: Weather Premium Coming for Soybeans
USDA announced Tuesday morning private exporters sold 132,000 metric tons to China
The market was able to bounce back from losses after the reopening after USDA announced Tuesday morning private exporters sold 132,000 metric tons to China for new crop delivery.
Ted Seifried, vice president and chief market strategist for Zaner Ag Hedge, told AgWeb that he believes there’s a weather premium coming into the soybean market. He thinks it might stick around for roughly a month.
Weather market or not, China has been buying soybeans in June.
Officials continue to indicate big purchases from China are coming, but traders are increasingly anxious China will keep its purchases under the reporting threshold.