Nov Soybean finished down 51 at 1179, 59.75 off the high and 4 up from the low.
January Soybean closed down 51.75 at 1189.50. This was 3.75 up from the low and 60.75 off the high.
Dec Soymeal closed down 12.9 at 308.6. This was 2.1 up from the low and 14.3 off the high.
December Soybean Oil finished down 1.74 at 50.21, 2.17 off the high and 0.16 up from the low.
Nov Soybean closed down 51 cents on the session and was down 79 cents for the week.
December meal was down 21.50 for the week and December oil lost 243 pts for the week.
Weakness in outside market forces plus Bearish stocks numbers for Corn and wheat sparked the negative reaction to a positive stocks report from the USDA this morning.
The market is down as much as 78.75 cents for the week and talk of the oversold condition of the market helped spark a minor bounce off of the lows into the mid-session.
The USDA report this morning was considered slightly supportive for the soybean market but bearish news from other grains sparked the early weakness.
The USDA pegged September 1st stocks at 214.7-M bu which was about 10-M bu below trade expectations.
This is the beginning stocks for the 2011/12 season and will tighten the outlook somewhat for the coming season; depending on the October 12th production update.
Talk of better than expected early yield results in the Midwest plus dry weather in the forecast into early next week has traders talking about increased harvest selling pressures ahead. Improving weather for soils in South America into their planting season has added to the Bearish tone. Traders will be watching field reports on yield for next week report.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.