William Moore of the Price Futures Group called the soybean chart the “bullish stalwart of the grain complex.” He said that the friendly report on Thursday helped that sentiment, along with the imminent winter weather and a possible trade deal.
Yesterday’s action in soybeans was limited due to the bearish corn and wheat reports, but with the positive news in regards to a partial trade deal with China, the markets have turned higher. “U.S. farmer did sell a few soybean as cash prices were near 9.00,” ADM Investor Services said. “There was talk that Brazil Farmers were active sellers of soybeans today.”