Record high in soybean price
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Started by metmike - June 9, 2022, 11:09 a.m.

@kannbwx

CBOT #soybeans are running at all-time highs on Thursday, reaching $17.71-1/2 per bushel early in the session. A higher price has been observed on only one other trading day in history: Sept. 4, 2012, when most-active futures set their all-time high of $17.89.

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@kannbwx

76% of the voters on Feb. 23 (day before Russian invasion) saw an all-time high in most-active CBOT #soybeans coming in 2022. Update: Sept. 4, 2012 record: $17.89 per bu Feb. 24, 2022 high: $17.59-1/4 April 4, 2022 low: $15.76-3/4 June 8, 2022 high: $17.58 (as of mid-session)

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Karen Braun

@kannbwx

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 Will CBOT most-active #soybeans make a new all-time high during this move? I.e. will the contract surpass 2012's record at some point this year? Sept. 4, 2012 record: $17.89 per bu Feb. 23, 2022 high: $16.63 (as of early in session)


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By metmike - June 9, 2022, 11:12 a.m.
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From Wednesday/yesterday:

@kannbwx

June 8: Most-active CBOT #corn futures topped their 20-day moving average for the first time in 3 weeks but settled below at $7.64-1/2 per bushel. Although they came close, futures traded below the 50-day average for the full session.

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By Jim_M - June 9, 2022, 3:38 p.m.
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True craziness in grains, BUT, after looking at the NWS 10-14 forecast, it looks like potential farmer Armageddon out there.  

By metmike - June 10, 2022, 1:31 a.m.
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@kannbwx

Came across this in my search for what was going on in CBOT #soybeans a year ago. Historical losses on June 17, 2021 - took a lot of people by surprise. Look in the thread, I explain why it happened (or tried). *NOT AT ALL* a 2022 prediction. Purely for awareness/interest.


@kannbwx

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Front-month CBOT #soybeans plunged 8.2% on Thursday for a drop of $1.18-3/4 per bushel, which I believe is the largest daily decline in history. The contract has shed 15.8% in the last seven sessions.

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By metmike - June 10, 2022, 1:33 a.m.
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Yes Jim, 

The weather forecast is certainly bullish!

https://www.marketforum.com/forum/topic/83844/#83852

Extended weather.


https://www.cpc.ncep.noaa.gov/products/predictions/610day/

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By metmike - June 10, 2022, 1:34 a.m.
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@kannbwx

July/Nov #soybeans finish around $1.87 per bu Thursday, similar to the same date in 2013. Things can get a little wild from here. Big run-up in old crop into expiry in 2013 pushed the old-new crop premium above $3. But June 2021 saw a huge downward correction in old crop prices.

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By metmike - June 13, 2022, 2:12 a.m.
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Beans opened modestly higher but are now 30c off the highs and down around 19c.

Charts look like we tested the all time highs and made a top but we still have some potential bullish weather which could provide support if it amplified.

By rockitck - June 13, 2022, 2:40 p.m.
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test

By metmike - June 15, 2022, 1:57 a.m.
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@kannbwx

June 14: Most-active CBOT #soybeans ended at $16.98-1/2 per bu, their first close below the 20-day avg since May 16. Beans have traded completely above the 50-day since May 19 and above the 100-day since Dec. 16, 2021. Financial markets & inflation fears added pressure Tuesday.

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By metmike - June 16, 2022, 12:10 p.m.
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@kannbwx

U.S. commodity futures are trading well above where they started the year. #Energy futures have seen the largest relative gains up to this point, but yearly ag gains (#corn, wheat, #soybeans) are close to or record for the period, even with #wheat $3+ off its highs.

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Maybe interesting to compare with 2008, another period of turmoil in financial markets. #Corn was a huge mover that year, up 65%+ by late June (vs +30% in 2022 as of today), and #wheat had corrected much earlier in 2008 than now. Crude #oil ended 2008 off 70% from its June peak.

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