Soybean Prices Lower This Week On Acres Estimate

17 Nov in Blog, commodity consulting, commodity trading, corn, futures, Mike Seery, oats, option trading, seeryfutures, soybean meal, soybean oil, soybeans, wheat

Soybean Futures--- Soybean futures in the January contract are currently trading at 9.76 a bushel after settling last Friday in Chicago at 9.87 continuing their bearish momentum.

The grain market remains negative across the board as private estimates of next year's acres are around 89.6 million which is only slightly below 2017 which could produce another 4.4 billion bushels which is frustrating in my opinion due to the fact that we have massive supplies now & on the horizon unless some type of weather situation next year cuts yields.

Soybean prices are trading under their 20 and 100 day moving average, however the chart structure is poor as I am currently not involved in any of the grains as prices are at major support on the daily chart.

The problem with soybeans and corn is the fact that we continue to plant near record acres year after year while producing record crops almost every single year as we did this year once again in soybeans as worldwide supplies continue to balloon. The country of Brazil also produces a record crop every year as for the American farmer to survive we need higher prices & if we produce 4.4 billion bushels in 2018 soybean prices could be much lower from today's price levels in my opinion.






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