NOVEMBER 2014 CORN
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.
November 2014 soybeans closed today at $12.212 with a 24-cent range for the week. The outlook for soybeans is bearish. Warmer temperatures are coming with periodic rains and what makes grain? Good weather and not unless demand increases, supply has the potential to grow. A close above $12.31 would suggest increased demand and the potential for the soybean market to move higher. A close below $12 would imply the potential for the market to move back to the old low of $11.62 and after that the potential this fall to see $10.89.
We are 11 trading days from the Actual Acreage report. Look for the market to be range bound until the report. Not unless there is some bullish news regarding acres in the report, soybeans should continue its downtrend for the near-term. One should not let the market go below $12 without having positions in place.
If anyone feels they need to put structure into their risk management decision-making and would like to discuss marketing strategies, call Bob or Laura (1-800-832-1488). We will also try to answer questions in upcoming blogs and we welcome emails to [email protected] or [email protected].
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