Soybeans closed shrply lower today to finish the week, November beans were down 37 cents and near 10.06 Private estimates of higher 2009 US acres for soybeans and concern that recent rally in prices shifted US soybean export demand to South America For the week November beans lost 95 cents. the perceptionof mostly favorable 2 week US weather forecast and that commodity prices had run into strong resistance especially with crude oil at $70/barrell.
Corn didn't fare out very well either with corn down 4 cents. Earlier in the week xomd market watchers had suggestedto corn end users to add as much as 50pct of remaining 2009 corn near 4.20 December futures was down 22 cents from last Fridays close Wheat futures closed lower on the day also .
This growing season is going to wear on a lot of nerves whether it be the end user or the producer. One thing for sure the market will not stand still.
Chuck Peterson
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