On friday soybeans dropped out of their range only to come back into it tonight. I think we'll see $7 this week. Any other opinions?
Friday was quite a reversal (from the open down to the low back up to the close). Beans will go higher the next few days, but whether or not they break 7, is anyones guess, though Im inclined to say not.
Refco says "there are a number of factors that still argue for a late-season bean bounce. Unlike corn, USDA has reduced the U.S. soybean yield from the August to the final report in 5 of the last 8 years, with 3 of those 5 declines exceeding 2.5 BPA. While soybeans typically erode sharply into the August crop report, they often stage a sharp rally heading into the Sept report. "