June USDA reports often don't feature a lot of newsworthy information for soybeans — growing season weather tends to be more important.
But with old crop stocks remaining very tight, traders will be watching to see just how low the government is willing to say supplies will be on Sept. 1. Farm Futures' official guess for Wednesday is 105 million bushels, but my forecasting model says the final figure could be much lower.
While exports are starting to wind down, confirmation of Chinese cancellations last week didn't have much of an impact. Indeed, China needs to cancel more shipments or roll them into new crop to keep supplies from becoming too tight.
To read Bryce Knorr's complete weekly soybean review, click HERE.
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