Strong Grain Prices Set Tone for Profit Taking

Strong Grain Prices Set Tone for Profit Taking

 

Weekly Recap 

Weekly soybean futures prices cruised higher for a sixth consecutive week, reaching closing highs not seen since April of 2018. The November and January futures contracts climbed 20 percent during the six-week period, coasting five percent higher during the past week. Prices are buoyed by weather and export activity; any profit taking from the recent runup in price will likely be limited due to an expected continuation of strong Chinese demand. Frost was reportedly more damaging than many thought and is now expected to lower potential yields for North Dakota, South Dakota, and Minnesota. Soybean prices climbed 47.5 cents per bushel for the November futures contract and 48 cents for January. Price resistance is seen at $10.58 versus support at $10.17 for the November futures contract. Friday’s close was $1.39…

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