Soybean News
The latest soybean commodity market news and insights for soybean producers and agribusiness.
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Financial analyst says the next 48 days might be a good time to just ‘lay low and take a little off the table.’
Mark Schultz, Northstar Commodity, says wheat led the grain complex lower after better rain forecasts for U.S. and Black Sea production areas, but all the grain markets ran into chart resistance.
Brad Kooima of Kooima Kooima Varilek says the cash cattle market put in a low last week and futures were sharply higher so the market just feels better. Soybeans and corn may have put in seasonal lows but he cautions further upside may be capped by harvest pressure.
Corn and wheat ended higher for a third week, while soybeans have put in four weeks of higher closes. Alan Brugler thinks wheat might be trying to forge a low, but it might be too early to make that call on corn and soybeans.
Scott Varilek with Kooima Kooima Varilek says early cash has been steady at $181 in the South helping to push cattle futures. Row crops are extending gains post WASDE, while wheat adds weather premium.
Leading into the report, surveys showed analysts expected USDA to decrease yields. Instead, the agency bumped the national corn yield by a half a bushel.
Dave Chatterton, Strategic Farm Marketing, says soybeans fell on a combination of factors including higher yield ideas in the USDA Report.
Dave Chatterton, Strategic Farm Marketing, says soybeans saw profit taking with better than expected ratings, reigniting fears of higher yields in the September WASDE. Corn saw spillover from lower soybeans and crude oil.
Shawn Hackett, Hackett Financial Advisors, thinks the biggest yield numbers have already been traded in the corn and soybean markets and represent the contract lows in August.
Arlan Suderman, Chief Commodities Economist with StoneX, says record yields may already be priced into the market but USDA will need to verify that or corn and soybeans may retest the lows.