After Total Farm Marketing (TFM) reported yesterday morning that StoneX had reduced South American soybean production by 30 million mt, there was not another peep about that from TFM or anyone else. Remarkably similar to Bloomberg accidently posting on their webpage over the weekend that Russia had Invaded Ukraine.
The 14 day March soybean Relative Strength Index (RSI) was 82% soybean after bean open 4 cents lower last night. The 9 day RSI was 88%. Anything other 80% is grossly over bought and due for a major correction, but nothing is 100% in this business. If it was, we all would be rich.
Old crop beans could easily sell-off one dollar simply on a price correction… and still be in a technical uptrend. A reasonable person has to expect some major profit-taking before USDA US and World S&D numbers are released at noon Eastern Time on Wednesday.