This is a sample entry from Tom Dosdall’s newsletter, Technical Ag Knowledge, published on Tuesday, May 9, 2017.
Old crop US soybeans remained in favor this year longer than normal due to farmers in Brazil holding back on selling due to a strong domestic currency. A weaker Brazil currency helps Brazilian producers to attract export business.
In other Brazil news yesterday, Dr. Michael Cordonnier again raised his soybean crop estimate to +1 MMT to 111 MMT.
New crop US soybean ending stocks could be estimated at 550 million or more in tomorrow’s WASDE report.
Bulls want to see continued strong macro-economic readings from China in this environment as that will be the main demand driver going forward. However, as mentioned above, Aa weaker Brazilian Real will compete for these exports. Keep an eye on this chart as well!
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