Will Beans Prices Find Support with Weather Delays?
May 06, 2014
Soybean bears are once again up to bat. Despite the pace of planting traders also continue to debate soybean "imports." Not only do we have soy supplies coming in from Brazil and Argentina but also from our neighbors to the north, Canada. Technically, the JUL14 contract still hasn't closed below the highly monitored $14.60 level since April 11th. I suspect a close below this level (which looks as if it may happen today) could bring on a larger wave of long liquidation. The current pace of planting is starting off a bit slow with the USDA estimating 5% of the crop planted vs. the 5-year average of 11%, but thoughts are this starts to pick up as some of the southern states start to advance the ball. The trade will continue to watch the forecast, but there is a ton of time left for beans and the trade appears far from concerned. CLICK HERE for my daily report......
- Planted - LA 69%; MI 36%; AR 24%; NE 11%; TN 5%; KS & MO 4%; IL, IN, NC & OH 3%; KY 2%; IA, MI, SD & WI 1%; MN & ND 0%.