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.
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)
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)
True craziness in grains, BUT, after looking at the NWS 10-14 forecast, it looks like potential farmer Armageddon out there.
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.
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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The weather forecast is certainly bullish!
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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.
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.
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.