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Soybean market begins 2020 with momentum
Soybeans are starting the new year on a high note.
Total Farm Marketing senior market adviser Naomi Blohm says bean futures are approaching the October high of $9.70 per bushel.
“Nice movement higher essentially for the past month on the (China) trade deal most likely getting done. That’s given the market a lot of traction. If China does come in and do some additional buying of soybeans, that would support the market further.”
She tells Brownfield soybeans could break through major resistance depending on the January 10th USDA crop report.
“If we can get some additional news to make us get through this resistance level on daily charts, the upside is another dollar. But we need the news to make that happen. So fingers crossed. Hopefully we’ll have some good news for the beginning of 2020.”
Blohm says she’s confident USDA will forecast continued strong demand. She calls 2019 harvested acres and yield the keys to a bullish or bearish market response.
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