The long-term pattern of soybeans is hard to shake

The Chicago Board of Trade (CBOT) soybean futures closed higher on Wednesday (February 9th), and the soaring corn futures market supported the soybean futures market. Among them, the most active March soybean futures closed up 16 3/4 cents, or 1.2%, to close at 14.51 cents per bushel; November soybean futures closed up 19 1/2 cents, or 1.4% It closed at 13.97 cents per bushel.

Mario Balletto, an analyst at Citigroup Global Markets Inc., said that most of the strength in the soybean futures market is due to the corn futures market. The market believes that soybeans need to compete with corn and cotton this spring to help drastically push up November soybean futures prices.

The USDA report released on the evening of the 9th did not adjust the supply and demand of soybeans, but tightened the final inventory of corn to an extremely low level. This stimulated the increase in corn's future price and also boosted soybeans. At the same time, the soybean futures market continues to receive support from record export demand and US soybean supply already under pressure.

Domestically, although the current drought does not have a direct impact on soybeans that have not yet entered the growing season, the alternative relationship between late-stage agricultural products will stimulate the price of beans. From this perspective, it is difficult to increase the long-term pattern of agricultural products including beans. shake. On the other hand, there is an urgent need to stabilize prices after the domestic holiday, and government regulation and control actions have not been exhausted, so the soybean market will still have some pressure in the short term.

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