Wheat remains in freefall

Soybeans were mixed. Soybeans had an up and down day on follow through fund liquidation against oversold signals, with periodic influence from the losses in bean meal and gains in bean oil. The near-term supply remains very tight and domestic demand continues to be strong, but slow export demand is a big bearish factor. The market is controlled by Brazil, with their record harvest nearly complete. The USDA’s attaché in Brazil expects an even bigger crop in 2023/24, projecting production at 159 million tons, compared to 152.5 million in 2022/23 on an increase in planted area.

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