FOR WEDNESDAY: (12/13) The December World Agricultural Supply and Demand Estimates were released Tuesday with few major changes in the numbers, though the ripple effect increases projected wheat and soybean stocks for the 2017-18 crop by a comparable 25 million bushels while lowering corn ending stocks by 50 million bushels.
JAN. SOYBEANS (electronic ok)
TODAY’S COMMENTS: (12/13) Weak close here also. Not rushing to buy until we see a reversal in the morning–and this one is in trouble. Lower support down to 974.50 and with the sell signal, buying or bottom-picking is countertrend and a bounce to 988 or 991.50-992 may be all we get. Sometimes you buy key numbers and pattern completions but now with fund trend buying, the bounces aren’t as significant. Beans can be unforgiving when you’re wrong so we’ll pass.
OVERALL: If we get a seasonal high into January, it could reach up to 1040-50 but it will require weather problems in South America.
CYCLES OVERVIEW: Higher Dec. 11-17.
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