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Beans rally as grim weather pattern worsens – July 30, 2012 - INTL FCStone Blog
International Assets Holding Corporation > INTL FCStone Blog > Posts > Beans rally as grim weather pattern worsens – July 30, 2012
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Beans rally as grim weather pattern worsens – July 30, 20127/30/2012 9:59 AM

SOYBEANS: HIGHER
Beans continued their impressive rally on Friday and for the fourth out of five Mondays the complex is again looking very strong. The weather is more and more like a broken record as forecasts continue to worsen (if that is possible) every day. Informa cut bean bpa by 1.5 bushels on Friday bringing the total to 38.5, 2 bpa lower than the USDA. Planted acres were lowered as well by 250K acres. Funds dropped last week in beans by over 3,500 contracts as profit-taking occurred. I would expect this number to grow over the coming weeks as we look to break out of uncharted territory as this rally continues. Beans are rallying this morning as forecasters are seeing a grimmer pattern than the week before and the complex is failing to find any type of good news in condition or outlook of the current fall crop. Outside markets are fairly uneventful this morning with crude trading half dollar lower and the USD is mixed.

Kyle Smith, Mike O'Dea, Ben Parks, Collin Hulse, Ingrid Gronlund