The bullish soybean chart makes sense when you consider a major exporter of soybeans is now importing… Here are Ryan Dezember and Kirk Maltais, Wall Street Journal:
”China bought so many soybeans from Brazil that the world’s largest exporter is running low at home. Last month, Brazil lifted import tariffs on soybeans and corn. Earlier this month a ship loaded with 38,000 metric tons of soybeans left the U.S. bound for Brazil, taking a rare trade route, according to Randy Giveans, a Jefferies shipping analyst.”
There is more at the link….
And, from barchart.com, here is the 5 year chart…
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