On November 19, all commodities are trading higher on a half percent decline in the dollar index and are trading in a highly correlated fashion. Additionally, due to the Thanksgiving day holiday, trading for the week will be on the slow side.
Soybeans:
January soybeans lost 18.75 cents on volume of 170,094 contracts. Open interest declined by 3,054 contracts, which in relation to volume is approximately 15% below average. The January contract was responsible for losing 4,876 contracts of open interest. Soybeans made a new low for the move at $13.72 1/4, which is the lowest price since June 20 when soybeans made a low of 13.70 1/4. As this report is being compiled on November 19, soybeans are trading 11.25 cents higher and has made a high of 14.02 3/4. The market has more work to do at the lower end of its trading range, and will need more time to repair itself. If export sales continue at a rapid pace, we believe soybeans will turn around, but as mentioned in the Weekend Wrap of November 18, we must look at the soybean market based upon the price parameters in the Weekend Wrap and the mid-December timeframe. Stand aside.
Read more →
Recent Comments