Daily Soybean Report
Soybean futures would dread in negative territory for a majority of the day, as oilseeds are still considered overbought, since hitting new contracts highs on Tuesday. As result of the correction, the flat price today dipped below the 10 day moving average for the first time since mid-August. Similar to yesterday, the morning would once again start off with a round of bearish news. With only three more trading days until the next WASDE report, the talk on the street is that USDA will possibly raise yields from 36.1 to 36.7 bushels per acre, due to the increased amount of rainfall throughout the country. Analysts are not expecting for beans to pull off another miracle, but crops have seemed to stabilize over the last three weeks, with ratings holding steady at 30% in ‘good’ to ‘excellent’ condition. As everyone waits for questions to be answered next Wednesday, experts will also be keeping a close eye on any signs of rationing over the coming weeks. On the session, beans would have little reason to push higher as it rebounded from the lows overnight and then hovered within a 16 cent range throughout the session. However, business continues to pick up, as 140K contracts traded by days end.