Soybean Pre Opening 15 Oct 2009

Soybean; Nov09 -20.75 for overnight market

• China's Ministry of Commerce reported that October soybean imports would fall to around 2.0 million tonnes.
• China sold 2,200 tonnes of soybeans from its national reserves out of 503,900 tonnes.
• Price reduce sharply from taking profit.
• Weather forecast for next 6-10 day and 8-14 day show that rain would moving out of Midwest with warm weather next week. Producer will have chance for harvest before rains return. Better weather bearish on bean prices.
  

Technical

• Overbought stochastic and selling signal.
• Price reduce after cannot break resistance at 996-1000 cent.
• Price may be goes down.