A market analyst says Thursday’s bearish quarterly stocks report has corn and soybean futures testing key support levels.
In fact, Naomi Blohm with Total Farm Marketing tells Brownfield bean prices did dip below support after USDA released the numbers.
“So we need soybeans to get some friendly demand news soon, or we could see the funds just do a big technical selloff lower.”
Support for November soybeans is the June low of $12.40 1/4.
