Soybeans Plummet to New Lows as Corn and Wheat Recover

The soybean market has been declining due to fund selling, leading to new lows for November futures. Oliver Sloup of Blue Line Futures notes that funds were in liquidation mode, reducing their risk exposure and contributing to spillover weakness in corn.

Soybeans fell below $13, breaking major support levels. Sloup suggests that the market may overshoot and potentially drop back to $12.50-$12.55, which were highs from July and August.

Corn prices also saw a shock due to quarterly stocks report, but managed to recover above the $5 level. However, Sloup is skeptical about corn's ability to hold this level in the long term, citing asymmetric risk and potential profit-taking by funds.