What a week in Soybeans!
SOURCE: CME Past performance is not necessarily indicative of future results. Although very reasonable attempt has been made to ensure the accuracy of the information provided, Utterback Marketing Services Inc. assumes no responsibility for any errors or omissions.
What happened to harvest pressure? The bears were caught off guard and the bulls were left with a feeling of false hope that the market may go back up next week. Looking at the lead-month soybean continuous chart, the market did breakout above $10 but could not hold the gain on Friday profit taking with November soybeans closing down 15 cents at $9.78. If the market were to trend higher and close the gap at $10.40, there is the potential to go back to the $11.50 level. We would have to see continued large exports, and dry weather in South America for this to happen.
Looking ahead, the soybean market will continue to be in a sideways trading band until the November Supply Demand report. Here at UMS, we continue to believe supply will be sufficient next year along with increased acres in South America. Look for prices to be lower next spring.
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