The soy Complex showed signs of weakness today. This is true for a few reasons. The weather for harvest would indicate a speedy pace. The long term forecast supports this view at present. The wheels are starting to turn now and we will begin to see more confirmation of yields. early reports indicate the usda is in the ballpark. The weather in Brazil is slowly improving. The needed moisture is due to arrive and will be welcomed. Developments in Argentina are monitored closely. There is still time. The Chinese market is on holiday. In addition, the state is releasing 300 t ton of soybeans to auction. The export pace has been robust to China. this is expected to continue. Although it is questionable how much the US will figure in the equation given the availability out of South America. The markets certainly have moved around this year. From a historic perspective there is a ample,some may say burdensome supply. Yet we are 950-10 beans. I have questioned this for some time now. It is my belief we are in the high end of the range and this price needs to be taken advantage of. The market may need the October USDA report for verification.
Be Well