{"id":108505,"date":"2017-07-04T21:37:21","date_gmt":"2017-07-05T01:37:21","guid":{"rendered":"http:\/\/countingpips.com\/?p=108505"},"modified":"2017-07-04T21:37:21","modified_gmt":"2017-07-05T01:37:21","slug":"soybean-prices-technical-analysis-drought-in-the-usa-may-harm-crops","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/07\/soybean-prices-technical-analysis-drought-in-the-usa-may-harm-crops\/","title":{"rendered":"Soybean Prices: Technical Analysis – Drought in the USA may harm crops"},"content":{"rendered":"
July 4, 2017<\/div>
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By IFCMarkets<\/a><\/p>\n

Drought in the USA may harm crops<\/strong><\/p>\n

The cost of grain crops has risen sharply against the background of hot weather and drought in the US and European countries, as well as because of the worsening of weather conditions and floods in Brazil and Argentina. Will soybean meal prices<\/a> rise?<\/p>\n

It is derived from the production of soybean oil and is used as a high-protein additive in combined feeds for farm animals. Soybean meal prices, as a rule, strongly correlate with the cost of soybeans. Note that according to the Commodity Futures Trading Commission, hedge funds increased the volume of short positions on soy last week. Their closure may give an additional impulse to the growth of quotations. On Tuesday, the US Stock exchanges do not work due to the holiday \u2013 Independence Day in the US. On Wednesday evening, at 21:00 CET, the monthly review of crops for May by the US Department of Agriculture will come out. It may have a strong impact on soy and soybean meal prices.<\/p>\n

\"SOYBM\"<\/p>\n

On the daily timeframe, SOYBM: D1<\/b> has exited the downtrend and turned upward. The further price increase is possible in case of a decline in soybean crops in the USA and Latin America.<\/p>\n