Sean Pledger

There hasn’t been much good news to report from the last week. I’m still long in soybeans and wheat just waiting for a bounce that may or may not come. If wheat follows anything close to it trend over the last few months then I should still be alright, so long as it picks back up before December contracts expire. My fear is that soybeans have just gotten back on track for their downward trend. While analysts have been discussing this time of year to be a seasonal low for soy this has not been a typical year for agriculture prices. The drought lifted prices way above normal and as this year’s harvest nears completion those prices are settling back down in anticipation of harvests in other regions and future U.S. crops. There has been some upside action this morning which could be the start of the next upward trend, or that might just be wishful thinking.