The path to least resistance remains to the downside for the bean market amidst growing SA crop production estimates and technical weakness. May soybeans have hit 6 month lows as the funds have been forced to liquidate long positions as the bearish news continues to be too much to ignore. Next support area is in the $9.55 to $9.60 area. Trade remains timid to shift directions until we get the numbers on the all-important March 31st planted intentions report. Average trade estimates are calling for 88.21 million, up nearly 5 million from last year and a new record. However, if we would see a surprise estimate of say 1-2 million below this, it would be supportive the bean market as the balance sheet could tighten quickly. March 1 stocks are estimated at 1.684B bu. Bottom line, look for a very quiet week until we see the numbers at 11 am Friday.
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