Keeping an eye on the soy complex at midweek, the soy complex, in our view, doesn’t appear to have much of a chance to rebound. Fund traders still hold nearly 400,000 combined contracts in soybean, soybean oil, and soybean meal. And while they do see better demand ahead, the soy complex so closely tied to crude oil, we saw what happened in Monday’s trade.
January soybeans start the day the lowest since mid-August, and they’re starting down a major 200-day moving average right at $12. Beyond that, the next logical support comes in at $11.40, that from late June. This is the bottom-line report.
Audio Reporting by Mark Oppold for Southeast AgNet.
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