According to a report at Corn + Soybean Digest, most inside the trade are talking about strong nearby support in the JAN19 contract between $8.40 and $8.60 per bushel for soybeans.
Many seem to think this area can hold until the end of month G20 meeting in Argentina between President Trump and Chinese President Xi. From there it's anyone’s guess, says the report's author, Kevin Van Trump.
If a trade deal is negotiated and confirmed, there's talk we could see a jump to near $10 in the days immediately following. If no deal is made and the trade conflict looks to be longer-term, there's talk inside the trade that U.S. soybean prices could tumble to sub-$8 in a matter of days.
Van Trump also notes that on top of this massive geopolitical "wild-card," there is the unknowns associated with South American weather during the next 60 to 90 days. Brazil now has over 70% planted and running well ahead of schedule, he says.
Read the full report here.
