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Beans Sputter After Move to New Highs

So what's not to like with this soybean market, eh?

Sure, the rally seemed to falter a bit on Thursday, when a rally to new highs on a bullish USDA report faded by the close. Still, the market hung on for at last some gains, with fundamentals looking strong.

The big question for the market this week is likely to be whether those fundamentals alone are enough to keep the rally alive if outside markets — stocks and crude oil — turn lower. Indeed, the rally's fate again appears to be in the hands of money managers.

For the last month funds have been buying. The stock market rally convinced many it was time to take more risk. And USDA's bullish planting intentions and stocks reports increased their sense of urgency.

To read Bryce Knorr's complete weekly soybean review, click HERE.