Soybean Prices Dip, Managed Money Net Long Position Surges

Soybean prices dropped on Tuesday, with nearby contracts falling by six to eight cents, and cash prices decreasing by nearly five cents. The WASDE report remained unchanged, with estimated ending stocks at 290 million bushels. Global stock levels saw a slight increase, and managed moneys net long position in soybeans surged by over 143,000 contracts, marking the largest two-week bullish move ever recorded. Brazils soybean exports for December are estimated to reach 3.33 million metric tons, and Argentina reduced its soybean export tax to 24%.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.