Soybean Futures Up on S American Planting Delay

Soybean futures closed higher today, reaching a two-week high on the outlook of planting delays for South American crops may curb production and raise demand for US supplies.  In Brazil, most soybean growing regions are too dry, and in Argentina the soybean growing fields are too wet – with more precipitation in the forecast.

Compared to last year at this time, when 81% of Brazil’s soybean crop was planted, only 74% has been completed this season.  In Argentina, only 37% of soybean fields compared with 47% last year.

Soybeans continue to find support after the recent sell off, and much of that is due to the progress of South American planting,” said Kevin Craney, a senior commodities broker for RJO Futures in Chicago, regarding the current soybean futures situation.  Craney added, “If we continue to experience problems in this region and if exports remain strong look for soybean prices to find additional momentum higher.”

The trend for soybean futures is DOWN and the market has rallied up to its 18-day moving average.  I am cautiously looking for soybean futures‘ short-selling opportunities in the near-term.

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