Soybean Report, 02/24/2017

Friday, February 24, 2017

Trying to finish the week on an up note will take some effort and cash flow. So far the bulls have to be thankful that this was only a 4-day week. Looks like nearly ¾ of the China sales were simply unknown being designated. Exports are out and they are not supportive, below estimated low end on beans and products in the lower half of the range, but at least in range. The biggest worry is that NC sales are lagging and the SA crop could have a very long tail. Export expectations though are not high on any complex component at this point as SA ramps up their program with rapid Brazilian harvest. Prospects continue to grow for this record crop as well. Thus we have little fundamental news to support the market at this point. USDA is issuing numbers at their annual outlook meetings and there is not much to get excited about there either. As a whole, it looks like the status quo is anticipated. SA numbers are growing as Brazilian harvest continues at a rapid clip with excellent yields prevailing. Corn is expected to be high yielding as well. Argentina crop is getting some love as well with better crops coming from prognosticators. Market should open on the plus side and see if it can hold through the close as technical support is at the previous close with major support at $10 area.

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