Soybean harvest is wrapping up and corn harvest is moving at a fever pace with a lack of rain this fall. Producers have had little time to rest and have been able to forge on with harvest. Yields have been coming in good for the most part and as expected. With a pick-up in recent demand, prices have held $4 support in corn and $9.80 in soybeans.
As rain began to fall in South America, soybean traders removed about $1 of the weather premium, taking November soybeans back below $10. But with harvest nearly complete, there could be a technical post-harvest bounce in part due to the market being oversold and uncertainties such as the U.S. election and increased measures to prop up China’s economy.
Be prepared to take advantage of a rally to sell soybeans. The longer-term market perspective for beans remains negative with an expected large production out …