Corn+Soybean Digest Logo

Indecision will eventually become a decision with time, you just might not like the outcome!

Kevin Van Trump, Founder

November 5, 2019

2 Min Read
2.21 SoybeansInTruck092117-1540x800_0.jpg

Soybean traders continue to debate U.S. and South American production, along with Chinese demand uncertainties. Here at home, the USDA reported 75% of the U.S. soybean crop is now considered "harvested". Bulls point to the fact there's still plenty of soybeans out in the field and battling the elements. Between Illinois, Iowa, and Missouri there is thought to be about +300 million bushels still left to harvest. There's arguably close to the same amount left harvest in the northern states between the Dakota's, Michigan, Minnesota, and Wisconsin. 

I've included more of the harvest specifics in the graphic down below. South American weather has become more cooperative. In fact, several sources inside Brazil are now thinking their planting pace has moved from well behind to slightly ahead of schedule. 

11.05 soybeans harvest.png

Technically, the JAN20 contract seems comfortable trading in this $9.25 to $9.59 range, the same range we have been in for the past 30-days. Just keep in mind, this contract has traded to the $9.59 level on only three occasions since last March and has never able to push beyond $9.60. You can see the resistance on the chart included below. Be paying very close attention we are only about 20 cents away from this important level. I should note, the NOV20 contract is actually trading at its highest levels since last March and starting to pressure the $9.80 level. 

Related:South American soybean planting: Fast start in Brazil, slow start in Argentina

11.05 soybeans 3.png

As a producer, this could be an important inflection point where you may need to make some tough decisions. Only you can answer if these numbers work or don't work and if what degree of "risk" you are comfortable moving forward with.

 

Free trial to my daily newsletter!

The opinions of Kevin Van Trump are not necessarily those of Corn and Soybean Digest or Farm Progress.

The source is solely responsible for the information provided and is wholly owned by the source. Informa Business Media and all its subsidiaries are not responsible for any of the content contained in this information asset.

About the Author(s)

Kevin Van Trump

Founder, Farmdirection.com

Kevin is a leading expert in Agricultural marketing and analysis, he also produces an award-winning and world-recognized daily industry Ag wire called "The Van Trump Report." With over 20 years of experience trading professionally at the CME, CBOT and KCBOT, Kevin is able to 'connect-the-dots' and simplify the complex moving parts associated with today's markets in a thought provoking yet easy to read format. With thousands of daily readers in over 40 countries, Kevin has become a sought after source for market direction, timing and macro views associated with the agricultural world. Kevin is a top featured guest on many farm radio programs and business news channels here in the United States. He also speaks internationally to hedge fund managers and industry leading agricultural executives about current market conditions and 'black swan' forecasting. Kevin is currently the acting Chairman of Farm Direction, an international organization assembled to bring the finest and most current agricultural thoughts and strategies directly to the world's top producers. The markets have dramatically changed and Kevin is trying to redefine how those in the agricultural world can better manage their risk and better understand the adversity that lies ahead. 

Subscribe to receive top agriculture news
Be informed daily with these free e-newsletters

You May Also Like