AgWeb Market Wrap: Three-Month High in Soybeans

April 22, 2010 07:00 PM
 

Linda H. Smith, AgWeb Business and Marketing Editor
 
Soybeans rallied to a three-month high this week, making it almost to the levels last seen before USDA's bearish reports found more soybeans in its Jan. 12 report, then weakened toward the end of the week as traders took profits. "I don't know why anyone would consider them worth more now than before that report, given larger crops and the certainty of the huge South American crops. We're also nearing the point where South American farmers know what their crops are and will be more aggressive selling,” says Jerry Gulke of the Gulke Group. "Finally, I don't think we'll see any prevented plantings of note this year, with progress roaring ahead, so at least in the near-term, the risk is on the downside. If you haven't already protected prices here above $9, you must know something I don't.”
 
Corn learned how quickly the market can take away what it took almost a week to gain, Gulke adds. "With many producers completing corn planting before they had even started last year, the market took notice.”

Weekly Price Moves
 
 
Courtesy of Scott Harms, Archerfinancials (click to enlarge)
 
Listen to Gulke's full week-end comments:
 
 
For More Information
Receive his weekly chart updates, by e-mailing Ashley@GulkeGroup.com.
 

 
You can e-mail Linda Smith at lsmith@farmjournal.com.
 
 

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