The soybean market pretty much had everything going for it last week. This week could decide if that good fortune can continue.
Beans staged a $1.50 comeback with help from fundamentals and outside forces that aligned. Strong exports, including 15 million bushels of old crop sales to China, were the icing on the cake that includes help from a weak dollar and buoyant energy complex.
Traders expect USDA to lower its forecast of Sept. 1 supplies a little, and trim new crop carryout even more. While crop conditions are above average, most are betting the government will be conservative with its yield estimate, due to the slow place of development. That could be the bearish surprise, if there is one.
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