As I said several weeks ago in my last article, this is a layup.
They are now talking about the possibility of a US 2016 / 2017 carry over of 800+ mil bushels! At least four times the highest in over 10 years. The strong dollar also makes US soybeans very expensive vs South American beans. Those are now about to hit on the market, hard, next month.
It’s finally raining in Argentina, for which the recent dryness has created bullish ideas and speculation. As the hedge funds are still quite long in the COT data, expect some serious liquidation.
The soybean market is about to collapse. Objective on the Jan (F) contract is first $9.90 and next $9.00. This is a good one to watch and follow.
