Soybean Futures Rise on Demand Signs

Soybean futures rose the most in the last month on the overview domestic soybean demand is increasing.  Soybean futures closed the day “up” .36c per bushel.

The USDA has reported US soybean exports beginning September 1st, through this time last week, totaled just shy of 5M metric tons – a gain of 57% from the same period last year.  They also noted soybean exporters sold over 523 tons between October 4th-11th, an increase of almost 5% from the prior week before.

Kevin Craney, a senior commodities broker for RJO Futures in Chicago, stated today regarding the current soybean futures situation, “Exports continue to be very robust, and there is still more price rationing to be done in soybeans.”  Craney adds, “From a fundamental perspective, the (soybean) supply situation remains very tight.”

The technical trend for soybean futures remains down, as does the other two by-product markets.  I need more action to develop before the trend officially changes, however, I can still look for lower-risk soybean futures trades to the upside when the opportunity presents itself.

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