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Advisor

soybean top????

Key reversal yesterday however nearby beans have never topped in February.
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8 Replies
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Veteran Advisor

Re: soybean top????

425,

 

My gut feeling thinks we have not seen the top.  There is still so much for this new crop to be planted and harvested.  TOO many factors at play.  Yesterday was probably a blood bath for a lot of newbies. 

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Advisor

Re: soybean top????

That's what im thinking. Wrong time of year for the high
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Honored Advisor

Re: soybean top????

The market rallies quickly yesterday to fill orders and get what's left of supply moving and then tanks to scare the rest of the holders into selling their remaining bushels. It looks to me as the big boys wanting to source a large percentage of the remaining supply of soybeans.   Somebody wants to own the physical........sure looks bullish to me.

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Veteran Advisor

Re: soybean top????

Agree with all of you - not the top. But, as I said a few days ago, doing some up scale selling here out of OLD crop may be warranted. Lots - I should say all - of my farmer friends that I have been speaking with tell me of their plans for more beans planted this year. That's on every traders mind - may be a good year to grow corn after all! No reason to cut upen the corn bins - we got a long way to go.

Jen
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Veteran Contributor

Re: soybean top????

So, the plan is not to acknowledge that maybe someting has changed that we should be aware of because "it has never topped in February"?  Never is a long time!  We had a key reversal!  It has all the looks of a blow off top?  Did anybody see they have suspended unloading of beans at a Chinese port due to being full with nowhere to put the beans?  Cancelations coming?  All the talk is more acreage planted in the U.S.?  Let's just ignore what is right in front of us and "HOPE" it goes up.  Anybody notice basis?  There appears to be more downside risk than upside potential from here, IMHO? 

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Highlighted
Advisor

Re: soybean top????

You can't predict a top. To think so is delusional.

I like Jenny's idea of scale selling old crop. I'm content to wait for new to reverse course to sell still.

Around here it's like almost 16.... Which puts a person well into the top %s
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Highlighted
Advisor

Re: soybean top????

Got 20 back today "shake and bake baby"!!
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Honored Advisor

Re: soybean top????

soybean.png

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