Soybeans Futures Up on Little Midwest Rain

Soybean futures have reversed course after closing down six of the last trading sessions.  The current outlook is that domestic soybean crops have not benefitted enough after recent rainfall in the Midwest growing regions.

The USDA reported yesterday soybean conditions (as of September 22nd) were “unchanged” from a week earlier and that one-half the crop rated good to excellent.  Plus, one inch of precipitation fell in some parts of the Midwest last week, but it is only half of the normal rainfall for this time of year.
           
Kevin Craney, Director of Managed Futures at RJO Futures in Chicago, had this to say regarding the current soybean futures situation,Soybean conditions improved week-over-week, however, it was smaller than anticipated. This has kept support in the market as some believe yield expectations may be too high.”  Craney added,Look for (soybean futures) to continue to trade in broad range through harvest.”

Soybean futures are at a crossroad.  The overall trend is technically up, but if soybean futures were to take out today’s lows, that will change the technical picture – in my work.

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