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 prices remain extremely volatile and are seriously searching for NEW direction. If net positive weekly US old-crop soybean export sales, South American weather concerns and lack of significant Chinese cancelations of US beans aren't enough to keep the bulls excited, then how about talk that a ship ran ashore at the main Argentine port of Rosario this past weekend and continues to block a portion of the traffic...can it get any crazier??? The bears however are cheering about the good folks over at Allendale's latest soybean acreage survey, which is now projecting US producers will plant a NEW record 83.2 million acres in 2014. Keep in mind this is much higher than the current USDA estimate of 79.5 million, much higher than last years planting of 76.53 million and much higher than the 2009/10 record soybean planted acreage of 77.45 million. From a technical perspective I continue to keep my eye on the $13.65 area in the MAY14 contract and the $11.65 area in the NOV14 contract. A close below those levels could mean at least a temporary top is in place and both the old-crop and new-crop markets could be poised for a more severe setback in price. CLICK HERE for my daily report....
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