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Tight U.S. carryout expected to support soybean market through ’24 harvest

Limited domestic supplies are expected to support U.S. soybean prices through next year’s harvest.

Total Farm Marketing senior market advisor Naomi Blohm says the carryout is extremely tight.

“And that’s going to be supportive to our soybean market and our soybean prices here, and our cash market prices here until we get the crop harvested next fall.”

But she tells Brownfield another huge South American crop would boost the global carryout.

“So that is going to make it hard for soybean futures to have any big huge dramatic price spikes higher.”

Blohm says barring weather problems in South America, $14 will be a resistance area for front-month soybean futures contracts.

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