In normal times the news flow in the soybean trade would have bulls licking their chops at the prospect of buying an oversold market. Alas, these are as far from normal times as you can get, which is why bulls deserted their posts last week. January futures tested its fall lows, with new crop November 2009 ground to a new bottom.
Outside markets continue to wreck havoc, with new lows in the stock and crude oil markets stiff-arming attempts in the soy complex to rally. Both stocks and crude were able to post bullish reversals on Friday, however, which seemed to get soy traders excited after their earlier close. Almost 1,500 in the money December meal puts were abandoned with another 340 out of the money calls exercised. There were also out of the money calls exercises in the thinly traded December soybean options as well, a sign traders expect a higher open to start the short Thanksgiving week.
To read Bryce Knorr's complete weekly soybean review, click HERE.
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