Commodities Roaring, Soybean Futures Leading the Way

A Parisian professor claims soybean futures are the “hottest” commodity currently, and I can’t agree with him more.  Soybean futures began, and have maintained, their upward trend well before any of the other agricultural commodity futures did since January this year.

Soybean futures are up over 20% so far this year, in part because US farmers overlooked the demand for soybean products earlier this year and chose to plant more corn.  Soybean futures are currently the best performer of the S&P commodity index amongst 24 raw materials.

Soybeans are seeing support after the USDA Crop Progress reports showed sharply lower decreases in condition ratings and traders anticipating strong demand for U.S. soybeans and soybean products from international buyers,” said Bret Aaron, head of trading operations of the managed futures division for Global Futures Exchange & Trading Co. in Encino, CA, regarding the current soybean futures situation.  Aaron added, “Scorching temperatures will likely produce another round of crop condition downgrades next Monday.”

We have been riding the soybean trend for the entire year, and there seems to be no end in sight for soybean futures.  We are currently long soybean futures at this time and will be holding this position over the 4th of July holiday.


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