Near Term Soybean Fundamentals Report
As per the Weather Report Soyabean For the next week, there is almost no rain in the forecast for southern Brazil, Paraguay and for all of Argentina Areas .
The 8-14 day forecast models show some that the decent rain amounts for southern Brazil except for the southern tip and Paraguay while all of Argentina looks dry for the next 14 days.
As of Yesterday February 7, traders see significant damage already done and another two weeks of dryness with some heat in the Argentina forecast could cause significantly more production losses.
On the first day back from holiday, many agricultural and energy futures in China jumped dramatically. China meal futures jumped 8% while palm oil moved to a record high.
March soybeans gapped into new contract highs on the opening Monday which is a bullish technical development. For the December 31st Canadian stocks report, traders see Canola stocks near 7.436 million tonnes, 7.000-7.727 million range, as compared with 13.295 million tonnes last year.
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