
Soybean sales at 706 thousand tons also okay and within the range of expectations and double the level needed to reach USDA forecast.
This is the time of year we need to continue seeing good exports.
Soybean sales at 706 thousand tons also okay and within the range of expectations and double the level needed to reach USDA forecast.
This is the time of year we need to continue seeing good exports.
Soybeans were also at the lower end of expectations at 694 thousand tons, that was above the level needed to reach the UDSA forecast.
But this is well below last year.
Soybean exports are running at a pace that’s fairly close to the UDSA’s current projections.
Soybean yield came in with a trend line yield of 51.5.
USDA raised the yield to 51.9 in the August crop report, but since then they have reduced the yield with today coming in at 50.2.
Soybean export sales down from last week at 830 thousand tons, that may be above the level needed but this is the tie of year we need to be seeing big exports.
USDA is likely to leave its export forecast unchanged in next weeks crop report.
Soybeans had a tremendous increase over the last few weeks.
Last week soybeans were at 106.1 million bushels which is near record large.
Half of them coming out of the gulf and the other half out of the pacific northwest.
Soybean prices have also turned lower in the near term.
Technical indicators based on a poor performance the last couple days has the technical starting to hook to the downside as well.
Chart based traders are likely viewing the harvest lows set about 2 weeks ago at 13.90 as the next potential target.
Soybeans improved nicely but they are still well below the year ago level.
Last year we had over 60 million bushels exported, last week just 35 million bushels.
We need to see soybean inspections advancing dramatically over the next few weeks if we are going to reach the USDA export forecast.
Soybeans did break through chart support this morning and turned around closing at 14.08.
That was 16 cents off the daily low.
The chart still has a negative look and the technical is still pointed downward as well.
The market did bounce back and closed slightly higher and technical indicators are approaching the oversold level.
If we don’t get some bullish news and bounce back quickly, we do risk price working into those lows between 13.50-13.75.