Soybeans continue to support the grain market

Soybeans continue to support the grain market

Soybeans continue to be called upon to support the other markets. In other words, it seems the soybean market has to deliver a spectacular performance each and every day or in general, the entire ag sector seems a bit disappointed. This bullish demeanor, or tilt to the market, in my opinion, has caused some traders to take several ill-advised shots on goal the past few months.  The trade is now being a bit more cautious and in turn it's high-flying act has been limited to the upside.  The bulls are trying to play up the fact somewhere between 1.0 and 1.5 million US soybean acres have still NOT been planted. They also continue to talk about the tight supply situation here in the US and slower than expected movement of soy out of South America. The bears continue to believe the USDA is going to raise their estimate for last years production and rain on the reminder of the bullish parade. In any event, the ball is defiantly being passed around the field between the bulls and the bears...creating a more range bound trade. Producers with good sales in place should continue to remain patient.  Get my daily report.

USDA's Weekly Soybean Crop-Conditons: Below are some specific's in regard to the recent weeks change in overall crop-conditions rated GD/EX, as you can see from the map the states colored "green" improved and the states colored "red" are seeing some setbacks out in the field. Overall the US crop went from 73% rated GD/Ex down to 72% rate dGD/EX: The MN crop conditions were lowered by -10%; SD -8%; IA -3%; OH -2%; ND -1%; AR & IN "unchanged"; IL, MI, NE, NC & TN +1%; KS, MS & WI +2%; KY +3%; LA & MO +4%.

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