Soybeans Posted Tepid Gains in the Overnight
US Dollar Continues to Fall
Grains were modestly higher overnight with corn and soybeans posting tepid gains, while wheat was slightly lower. The US dollar continued to fall while crude oil was trying reverse yesterday’s steep losses.
The Factors That May Be Holding Soybeans Back
Soybeans with the Biggest Loss in the Overnight
In the US, rains were prominent in IA, MN & ND over the weekend bring an inch or more of precip
Grains were lower overnight with soybeans taking the biggest loss. In outside markets, crude oil and equity futures were also lower in overnight trade.
Current Trading Options for Soybeans
Grains Head Lower in the Overnight
Markets seemed poised to turn to the reality of the fundamentals.
Grains head lower overnight with soybeans taking the biggest hit giving up 20 cents. In outside markets, crude oil recovered from yesterday’s losses while equity futures had a slightly weaker tone in the night session.
Weekly Export Sales Numbers
Wheat has Blown thru Some Key Levels
The wet conditions continue to hamper operations in NE Arg but dries in the
SW part of the country with some harvest resuming next week.
Underlying Factors of the Soybean Rally
Soybeans Weak in the Overnight Session
In crude oil, prices were off about $0.80 a barrel overnight
Soybeans were weaker overnight following yesterday’s 30-cent advance while wheat and corn held onto modest gains.