Soybean Prices Dip After WASDE Report Ups Stocks

The newest WASDE report by the USDA has upped estimates of soybean production and stocks from February.

Marty Hibbs of the Grain Farmers of Ontario points out soybean prices took a dive of 12 cents yesterday afternoon once the report was released.

He says May is now trading just above the 10 dollar mark, and it’s important prices don’t close below that level or prices may stay down there for a while.

He adds the November contract is looking better and could be positive once the old crop contracts expire.

The analyst notes the resistance level of corn remains at $3.80, but he expects a large pullback could drop prices to the $3.40 or even $3.30 level.

He says corn has hit a wall right now and it’ll take some time before any kind of $3.80 challenge can be expected.

Wheat prices are looking more positive than the other grains.

Hibbs reports prices are still supported between $4.30 and $4.40 on the May contract while resistance is set at $4.65.