Soybeans Slipping Back After Hitting Fresh New Crop Highs Overnight

Soybeans are down 3 to 5 cents Thursday morning after overnight strength faded, with November futures having reached a new high for the move at $11.78. Wednesday’s settlement was still firmer, with most contracts up 2 1/4 to 9 1/4 cents, led by old-crop contracts. The move looks like routine pullback action rather than a major fundamental shift.

Analysis

Soybeans are down 3 to 5 cents Thursday morning after overnight strength faded, with November futures having reached a new high for the move at $11.78. Wednesday’s settlement was still firmer, with most contracts up 2 1/4 to 9 1/4 cents, led by old-crop contracts. The move looks like routine pullback action rather than a major fundamental shift.