Nov 18, 2021

Soybeans and meal pullback after a sharp move higher the yesterday.  There was some green on the board going into the coffee break this morning but market felt a little overbought and toppy going into the day session.  A full dollar rally in seven days in soybeans is surely going to be met with some positions being offset and shorting.  The January contract settled back into the area that I am looking for the funds to defend with more technical buying.  The 1290-1295 futures area is the current target for cash sales.  The market appears very comfortable with December corn trading inside of the 565-580 range and it feels like there is quite a bit of energy capped underneath the 595 level from March 22 out to July 22.  A break higher out of our current trading range would likely see some $6.00 cash deliveries a possibility for the summer months.  For those interested, soybean meal is extremely overbought right now and needs a correction.  Anyone looking to cover usage needs should explore the 350.0 area on the January 22 contract.  Week export sales were just ok this last week with the net sales for corn, soybean, and wheat all within trade estimates.  There was 905k tonnes of corn, 1.383 million tonnes of soybeans, and 399k tonnes of wheat sold last week.  There were no 8am sale announcements this morning.

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