Soybean Futures Extend Gains on Crop Issue

Soybean futures continue to climb to highs not seen since mid-June as dry weather in the soybean growing regions threaten to reduce yields after delayed rains may have altered crop development.  Soybean futures settled today at $13.04 per bushel after seeing $13.19 in earlier trading.

The weather man predicts precipitation in the next week and a half, but mostly in the northern and eastern growing regions.  The rain is much needed in the central Midwest area as soybean (and corn) crops are developing slower than normal after delays in plantings and below average temperatures.
           
(It appears as if) a warmer forecast over the next 6-10 days continues to be the catalyst for the sharp rally this week, with the Nov soybeans (contract) having forged a new high for the move today,” said Mason Ching, Automated Trading Manager, Global Futures Exchange & Trading Company in Encino, CA, regarding the current soybean futures situation.

The trend for soybean futures has recently changed to upward from a strong downtrend that ended only earlier this week.  I need some type of pull-back before getting on-board the long-side of soybean futures.

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