Weekly Recap – DDGS Values Trade Beyond November Average

Soybean futures headed lower on a weekly basis for the first time in five weeks Brazilian soybean planting is 90 percent complete and rains in South America have been leading speculators to exit long holdings, which has reduced soybean price support with values facing strong resistance at $12 per bushel.  Global supply remains concern while strong interest from China continued to show in the weekly export report.  Despite China’s buying presence, overall soybean exports were at the low end of expectations in last week’s report.  However, this season’s export pace is 102 percent over last seasons.  Price resistance is seen at $11.61 (followed by 12.02) versus support at $11.25 for the January futures contract….