Originally posted by farmaholic
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Soybean market on fire
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Unless Trump can pull a rabbit-out-of-his-hat and get China to sign a deal without U.S. tariff concessions, the recent soybean price bounce of-late is just that . . . a bounce. USDA report must produce fresh bullish news on Tuesday to maintain strength. U.S. exports have been slowing.
Technically, canola looks to move higher near-term, but without soybeans as a backstop, canola cannot go it alone.
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I'd be very surprised, if U.S. grown soybeans aren't making their way into China, one way or another, one country or another.
The ChiComs need them to prevent more HKs from taking place.(actually heard this week, that the ChiComs had to quell a protest that broke out on mainland China, not sure if it was food related though)
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