Well, I guess I was a little right. Planting is providing the support, it’s just a lot more than I had anticipated at the moment. The factor’s haven’t changed, Brazil and wheat are still the major reasons behind the support. Dow Jones‘ outlook for the day had it summed up in their opening line:
Soybean futures on the Chicago Board of Trade are poised for a higher start to Wednesday’s day session, taking their cue from the overnight theme, as bullish underlying fundamentals absorb seasonal weakness
Add in China, with speculation that they will be increasing imports as their own output is expected to fall to an eight year low, and there was plenty of things for the bulls to run with. High of the day was 9.92, so the $10 mark is yet to be reached, but it didn’t close far off of the high at $9.90
There’s a lot more concern about the harvest today, even with the report earlier in the week that the crop condition was improved. Any ideas that the USDA’s prediction earlier in the month might have been too small is seemingly evaporating.
There’ll be more news tomorrow with the weekly export sales from the USDA out. Expectations are higher this week, between 500,000 and 800,000 metric tons. Friday will see the USDA report on current Grain Stocks. Having left the relative doldrums of the last few day’s little to no news, which way will the wind now blow?
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