Bearish pressure on beans is rising. In fact, it is a surprise to analysts at OCBC bank that soybeans have not cracked under that pressure. With the Brazilian harvest almost done, ICE prices may see sell-off. Bearish pressure persistent “We estimate that the Brazil harvest is about 85% done as of last week. While that is still way behind the average, in pure tonnage terms the amount of Brazilian beans harvested is already at a record high, which should continue to add pressure on American bean exports. That brings us to our last point – US soybean exports was again paltry last week at 12.7mil bu.” “More worrying was the net cancellations of fresh orders from China of 7.9mil bu, presumably on the back of export pressure from Brazil. Against such a bearish environment, it is perhaps surprising that ICE soybeans have yet to materially correct downwards.” “$14 appears to be the crucial support for ICE soybeans – if that is broken, we may see a quick unwinding of long positions.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD: Turning Tactically Neutral N-Term – MUFG Kenny Fisher 2 years Bearish pressure on beans is rising. In fact, it is a surprise to analysts at OCBC bank that soybeans have not cracked under that pressure. With the Brazilian harvest almost done, ICE prices may see sell-off. Bearish pressure persistent "We estimate that the Brazil harvest is about 85% done as of last week. While that is still way behind the average, in pure tonnage terms the amount of Brazilian beans harvested is already at a record high, which should continue to add pressure on American bean exports. That brings us to our last point - US soybean exports was again… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
