Soybean Report, 03/27/2017

Monday, March 27, 2017

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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