Wet Weather Delays Domestic Harvest, Lifts Soybean Futures

Soybean futures are up today on speculation of a slowing harvest due to colder weather and precipitation in the central growing region of the US.  Soybean futures are trading just over .10c higher within :10 minutes of the closing bell.

We’re still without official USDA data of crop conditions (because of the government shutdown), but the National Weather Service says there’s a chance of frost tomorrow in central Kansas & southern Nebraska.  In the northern Midwest, and western soybean growing regions, at least an inch of precipitation has been reported.
           
Soybean futures are slightly on the rise due to the soybean harvest  estimated to be only 40% complete, about is a week behind last year’s harvest,” said Barb Levy, chief director for The Fox Group’s futures division in Chicago, regarding the current soybean futures situation.  Levy adds,Colder temperatures combined with rains could put the crop at risk of frost if left in the fields for too much longer.”

The trend for soybeans is still technically down, but to the naked eye a “double-bottom” is now in place.  I am still prone to the short side of soybean futures until the market can trade above its moving average for a considerable amount of time.

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