date:Nov 13, 2012
orning. Charts for both of these key products as well as soybean oil crashed through key technical support levels. The gaps at $433 and $427.70 on the December and February meal charts which once looked like a pipe dream for meal buyersnow appear reasonable technical objectives.
And all of this from a 7 million bushel increase in projected carryout? Not really. USDA also increased its estimate of world soybean production by 1.3%. This consequently increased projected world carryout stocks by