AgriSompo North America market analyst Sterling Smith thinks the soybean market is sloppy. “The chart picture in the soybeans looks rugged. A lot of the crush is getting devoted to soybean oil and what’s happening in California. There’s a lot of soybean meal around, making the situation in the soybeans heavy. Secondly, soybeans have bought acres.” Smith expects corn to be the leader. “I would guess acres for corn at 94 million and soybeans at 90 million acres, easing the balance sheet a bit. The technical picture for soybeans is a little heavy, not as well as the corn. The soybeans need the corn to go up if they are going to hold prices. If there’s a problem with corn, it will be exasperated in the soybeans.”
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