11/17/2023
Nov 17, 2023
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Most commodities continued on a "risk-off" path to end the week. Trade seems unsure about China/U.S. relations and weather forecasts continued to add rain into major growing regions of Brazil. The USDA was quiet at 8 a.m. this morning and made no sale announcements. Overall, Friday was a quiet in terms of fresh news or headlines.
"Escalator up, elevator shaft down" - After breaking lower for 3 days, January soybeans have already retraced 50% of their 24 day rally. Upward trends still remain intact and these pullbacks are necessary to maintain healthy markets.
![](/getattachment/b8cd7007-992f-45fc-b800-ef0c85badf12/bean-chart.png?lang=en-US)
"Escalator up, elevator shaft down" - After breaking lower for 3 days, January soybeans have already retraced 50% of their 24 day rally. Upward trends still remain intact and these pullbacks are necessary to maintain healthy markets.
![](/getattachment/b8cd7007-992f-45fc-b800-ef0c85badf12/bean-chart.png?lang=en-US)