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Soybean Markets 05/18/13 8:53:23 AM
May 18, 2013
July soybean futures posting a nice rally toward the $14.50 area this week. Basis values begining to collapse as the CBOT futures moved high enough to trigger a lot of farmer selling with cash prices over $15.00. As we look ahead to new crop many analysts predicting prices will be $2-$4 less which could be the reason why we're seeing a lot of selling right now. Elevators are not holding inventory ownership, in fact most are selling bushels in DP postions and playing the market from being slightly over sold. Markets will be wild and crazy for a little longer but be ready for a significant price decline after the crop gets plants and weather concerns diminish.
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