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Soybean For This Week

This week has been mixed for soybean. There has been good weather condition across the U.S. plains. This is a good news for early spring seeding of soybean crops. This can put a little downward pressure to soybean prices. U.S. export sales of beans are 532,800 tonnes, lowest in 7 weeks and below the low end of the estimates. This put further pressures to soybean prices. China import 29 million tonnes of soybean so far for 2012, 25% more than the same period last year. China has a great demand of soybean and this can be a support to soybean prices. Lastly, large speculators continued to boost their long positions for a seven straight week.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.