Wednesday December 2, 2020

  • Soybean markets continue to bleed this morning as funds continue the sell off now more than $0.50 off highs for old crop beans
  • Funds triggered Sunday night continue to sell off old crop bean futures placing a wet blanket on all markets 
    • The technical markets met little resistance going up from $11.00 futures all the way to $12.00 which means their will be little support for the price as it slips down ‘
  • The fears of drought are also subsiding in Brazil as more chances for rain appear into December 
  • StoneX estimating Brazil’s 2020/21 soybean crop production at 133.9 MMT – up from previous estimates and above last years production of 124.5 MMT