Source: Tyne Morgan, AGWEB, 11/6/20


Despite election uncertainty, soybean prices surged this week, topping $11. Those price levels are the highest U.S. farmers have seen on the CME since the summer of 2016.  Technically, $11 soybeans are a major pivot point for the market. “If you look at a continuous soybean chart, soybeans don’t spend a lot of time between $11 and $12,” says Brian Splitt of AgMarket.Net. “That means we could be on the verge of a sharp, fast rally to $12 should USDA provide fuel with yield reduction and increased demand. However, if the USDA disappoints, we could be at a point where the market falters and waits for further guidance on South American weather.”

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