Soybean Futures Up on Export Outlook

Since soybean futures have fallen from record high prices this time last month, they have rose for a second day.  The outlook is now soybean “import demand may strengthen” at these more attractive (lower) prices.

Soybean futures reached an all-time high of $17.89 on the first trading day of September, but have since declined by 14% just yesterday.  It has been reported the Chinese came in and bought 290,000 tons of soybeans the last two business days of September.

Barb Levy, chief director for Futures & Options Xecution’s futures division in Chicago, stated today regarding the current soybean futures situation, “…weekly export sales data came in higher than expected at 1.3 million metric tons, much of that demand coming from China.”  Levy added, “Gains were pared later in the day as soybean plantings in Argentina are expected at high levels for a possible record soybean crop this season.”

The trend for soybean futures remains down and I am hesitant to sell short this market unless a truly low-risk opportunity comes my way.  I only make money in the futures markets when the markets – in this case soybean futures – come to me.

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