Soybean Futures Slip as Weather Outlook Favors Planting

Soybean futures continue their free fall from $15.20 highs (only last week) on the outlook the USDA will report favorable production and inventory later this week. Soybean futures are currently trading at $14.48 per bushel at the Chicago Board of Trade – this .70 cent drop the most in over a month.

On Friday, the USDA will release its forecasts for world grain supply and demand, but in the meantime, here is what a survey of industry analysts are predicting: for world soybean stockpiles to rise to a record 79.68M metric tons before the start of the Northern Hemisphere’s growing 2015 season. Another report reveals US soybean output projected at all-time highs this year.

Matt Zeman, a senior commodity broker at Kingsview in Chicago, had this to say regarding the current soybean futures situation,Speculators appear to be selling beans and/or taking profits as the upcoming USDA report may indicate a more favorable supply scenario for next year.”

Soybean futures trend remains up, however, may be at a crossroads. I am still looking for buying opportunities in soybean futures, but any much more trading at these levels, and lower could change my mind about the long side of this market.


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