is part of the Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

  • American Agriculturist
  • Beef Producer
  • Corn and Soybean Digest
  • Dakota Farmer
  • Delta Farm Press
  • Farm Futures
  • Farm Industry news
  • Indiana Prairie Farmer
  • Kansas Farmer
  • Michigan Farmer
  • Missouri Ruralist
  • Nebraska Farmer
  • Ohio Farmer
  • Prairie Farmer
  • Southeast Farm Press
  • Southwest Farm Press
  • The Farmer
  • Wallaces Farmer
  • Western Farm Press
  • Western Farmer Stockman
  • Wisconsin Agriculturist
Can soybeans transition to a bullish story?

Can soybeans transition to a bullish story?

The soybean "technicians" are looking back at prices noticing they are at the same levels as they were on July 11.  Many are also noting that a "key bullish reversal" could be building.  As I have mentioned over the past several reports, we are definitely in the midst of a major weather market, but we are also transitioning from a bullish old-crop story to a potentially extremely bearish new-crop story.  That has provided some volitility in the markets where we have seen extreme noves each way as it tries to establish its true direction.

The USDA left the soybean crop conditions unchanged in Monday's report despite continued talk of dry conditions in many of the key growing areas.  Even with the dry conditions, the current soybean crop rating is one of the best ever in this area and should relate to a record crop with the estimated 85 million acres that went in the ground with beans.  

Will we see an all time record production crop of soybeans?  Most definitely!! Understand, this is not the best-looking soybean crop I have ever seen, especially with some of the issues in key soybean areas, but as a whole things look good, with limited fields that are poor to very poor in the ratings.

The other kicker is that with the acres planted we may not need record yields to produce the largest soybean crop ever. From a producer's perspective, I'm hoping the technicians are right and we rally this market back above the $11.10 area vs. NOV14 so I can make a few more cash sales.

Get my daily report.

TAGS: Soybean
Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish