- The daily chart for November 2023 soybeans shows a new short-term downtrend began at Tuesday's close.
- On the other hand, the long-term continuous monthly chart continues to show a mix of bullish and bearish patterns.
- Leaving us with the contract's weekly chart that still shows an intermediate-term downtrend is in place.
The end of August is now clearly in sight, but what does that mean for the US soybean market? First, though I don’t necessarily follow the concept of “marketing years” anymore, the industry standard tells us the 2022-2023 edition ends abruptly and the 2023-2024 version immediately begins. The squawking throng will tell you this changes everything we know about supply and demand. Why? Because it’s a new marketing year. Sure. Generally speaking, these are the same folks telling you how important NASS’ weekly crop condition and progress nonsense is every week. But I digress.
