Soybean futures reversed course today, after rallying form last week, on the outlook that dryer weather in the forecast won’t be bad enough to erode yields. Soybean futures are down .12c today while earlier erasing all of yesterday’s pit-session gains.

Forecasts for the Midwest call for limited rainfall in the forthcoming week with temperatures cool enough to minimize crop stress and keeping more moisture in the soil. The USDA adds that 71% US soybean crops are in “good to excellent” shape and in the best condition for this time of the year since 1994.

Soybeans rallied yesterday because of renewed buying interest from China. However, rains in the forecast have replaced the concerns for dryness and given back the previous day’s gains,” stated Laura Taylor, a senior commodities broker at RJO Futures in Chicago, sharing her insight regarding the current soybean futures situation.

The trend for soybean futures remains down despite the recent rally. Soybean futures may be in the initial process of testing last week’s low and we are short this market from early in today’s session.

ALL COMMENTARY IS CONSIDERED OPINION & VIEWS FROM THE AUTHOR AND NOT A SOLICITATION OF ANY SECURITIES. THE RISK OF LOSS IN TRADING COMMODITY INTERESTS CAN BE SUBSTANTIAL. YOU SHOULD THEREFORE CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION.