The Soybean Market fell another 20 cents today, as a break was expected, if heading to $13.00. January’24 Soybeans dropped 20 cents and settled at 1340 ¼, down 7 ¼ cents for the week. The Beans on 11/15 traded as high as 1398 ½, also the 1-month high, but were unable to hold those levels and broke from there. January’24 Soybeans traded as low as 1336 ¾ today, also the low for the week. Since 10/17 January‘24 Soybeans have gained 24 cents, almost 2%. March’24 Corn lost another 8 cents today and settled at 485 ¼, just above today’s low of 485. Since 10/17 March’24 Corn is 18 ½ lower, or more than 3 ½%. March’24 Wheat was also lower today, down 5 ¼ cents and settled at 575 ¾. Today’s low in March’24 Wheat is also the weekly and 1-month low at 574 ½. Since 10/17 March’24 Wheat is is down 23 cents or almost 4%. I said last week, that if the weather in Brazil changed, I expected a big break in the Soybean market. Here is what PRO-FARMER had to say…
According to PRO-FARMER: “Rains and cooler temps that moved into central Brazil late last week will provide temporary relief, though forecasts signal rainfall will remain lighter than normal into early December. Frequent rains are expected to continue in southern Brazil, though they won’t be as heavy as recent weeks. The next couple of weeks will determine 1) how many unplanted acres are seeded to soybeans, 2) how many soybeans are replanted, and 3) how many soybean acres are switched to other crops — most likely cotton.“ I still feel the Soybean market will head to the $13.00 level. Now is good time to hedge or speculate in the Option Markets.
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