Since the first of October, November 2011 soybean futures have traded in a range of $1.20, with a high of $12.72. The price of that contract is currently about in the middle of the recent trading range and $2.50 below the contract high reached on August 31.
A number of factors have contributed to the lower prices since August and to the weakness since mid-October. These factors include early forecasts of another large South American soybean harvest in 2012. That forecast has been supported by generally favorable weather conditions in Brazil and Argentina in the early part of the planting and growing season. A slow start to the 2011-12 marketing year domestic soybean crush and lagging soybean oil export sales have also contributed to the negative tone. <Read More>
No comments:
Post a Comment