Soybean Futures Lower on Harvest Progress

With the help of favorable weather conditions, domestic soybean harvesting progressed at the fastest pace in three decades.  This news sent soybean futures plummeting to prices not seen since July.

The USDA has reported this year’s soybean harvest to be the fastest on pace since record keeping began in 1981.  So far, as of September 30th, 41% of soybeans have been harvested compared with only 15% this time last year.

Kevin Riordan, director of research at Capital Trading Group in Chicago, stated today regarding the current soybean futures situation, “Failure to hold this (soybean futures) 2-month low shatters a key area.  However, if (soybean futures) can manage to firm up, we could witness a strong bounce back up to resistance at $1625.”

The trend for all soybean futures markets is down as of recently.  We need a significant pull-back before initiating short soybean futures positions.

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