Profit taking became the main market feature on Thursday. Global Commodity Analytics and Consulting President Mike Zuzolo thinks Brazil’s CONAB numbers gave the market a reason to not press the market early in session. “Especially given the fact we saw unknown soybean sales earlier in the day. The vast majority of the sale is for 2021/2022. We’ve been missing that for the current marketing year. I think we pushed back by a few hours the response of the WASDE report.” Zuzolo thinks a lack of demand is a major factor. “Until the WASDE report came out, we didn’t know how much demand destruction would be doing. USDA came in and said on a global soybean side of the equation, we’re cutting exports by 5.7 million metric tons. This is not a shock and I think it could be welcome.”
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