The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
Kevin Van Trump has over 20 years of experience in the grain and livestock industry.
Soybean market is digesting "better than expected" export sales released this morning by the USDA along with yesterday's announcement that China had "canceled" 245,000 MT's (essentially 4-cargoes). The bulls are winning the battle, and the "cancellations" did very little squelch their desire to pouch this market higher. From a technical perspective, last Thursday's high in the MAY14 contract at $14.45^4 still remains heavy resistance. Many tech trades believe if we can close above this recent high, $15.00 old-crop bean prices can NOT be ruled out of the realm of possibilities. With new-crop prices closing in on $12.00, I continue to suggest that producers who have less than 50% sold/hedged, should strongly consider rewarding the market and making catch-up sales. Reducing risk on the rally continues to seem like the best of practice. CLICK HERE for my daily report....
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