Here’s a bit of trivia for you – it’s been 164 days (and counting) since July soybean futures closed above $9 per bushel. But prices have inched tantalizingly close to that benchmark earlier this week, spurred by optimism over recent China purchases and a lot of hot, dry weather in the forecasts.
What will it take for prices to clear the $9 hurdle? That’s one of the many topics we approached in the latest Midweek Markets podcast.
Also of note this week has been ethanol production’s slow-but-sure recovery since bottoming out earlier this spring. Red-hot wheat prices were also up for discussion today.
Up next, another big report is coming out Friday morning – the July World Agricultural Supply and Demand Estimates (WASDE) report from USDA. Will WASDE deliver more good news? Time will tell, but we dive into what it might take to move the needle.
Listen to the latest Midweek Markets podcast for July 1, 2020: