Bean prices have been oscillating on shifting trade war sentiments. Easing leads to rally followed by pull back in prices when tensions seemingly peak.
Present sentiment remains cautious amid policy uncertainty & robust planting progress, with 84% of the U.S. soybean crop planted as of 1/Jun, above the five-year average of 80%.
Despite the recent pullback in futures, skew (Up Var minus Down Var) has reached a YTD high, signalling market expectations of a spike in bean prices.