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Harvest pressure continues to dominate price action in futures, though some parts of the U.S. that have wrapped up for the season are beginning to see basis improve. USDA said 79% of the soybean crop was harvested as of Sunday, up from 64% a week ago and two percentage points ahead of the five year average. A significant amount of losses early in the week could also be attributed to the currency moves that arose after markets were caught off guard by election results in Brazil. Futures fell below key long-term technical support by midweek at the 100- and 200-day moving averages which could now act as resistance. The market saw a couple of fresh USDA daily flash soybean sales for the current marketing year announced this morning, totaling 297.15k metric tons (10.92 million bushels), all to unknown destinations. U.S. soybean export demand has remained red hot following the break lower in prices, maintaining their strongest pace of sales in four years. No new trade recs into the weekend as geo-politics and mid terms have funds dumping positions ahead of the weekend and next Tuesday.
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Sean Lusk
Vice President Commercial Hedging Division
Walsh Trading
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