Despite China’s recent soybean purchase of 1,130,000 metric tons, according to the latest USDA Soybeans Export Sales Report, beans still didn’t see any price action. Instead, the legume closed on Friday, Dec. 14, down 14 cents, reports AgWeb.
Going back to the first of December, soybeans gapped higher, which is usually a positive sign, technically speaking, says Jerry Gulke, president of the Gulke Group. Unfortunately, soybeans were not impressed by the new purchase and Gulke speculates the market was looking for a big buying of beans on China’s part—much bigger than a million metric tons.
Listen to Jerry Gulke’s full commentary in this week's Weekend Market Report at AgWeb.