Soybean Futures Near 35 Week Lows on Hurricane Ida Damage

#27551
ThePitBoss
Participant

Soybeans took a good hit the past few sessions, pushing soybeans under major support. Another close below $12.40 in the November contract could open the soybean complex up to test the $11.85 level. With China out of the market for another week due to holiday and reports that Brazil has started to plant soybeans, and with rain in the forecast for Brazil next week, it appears that soybeans seem content in taking the path of least resistance. Seasonally soybeans form a bottom the first week of October, let’s see if that theory holds.