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South America Weather Forecast Influences Pricing

The general trend for soybeans for the first part of 2012 looks to be down, but the break into Mid-December has left the market a bit oversold, and a bounce might be expected in the near term. In addition, a dry weather forecast for Argentina and southern Brazil is threatening to disrupt production.

With this forecast, many traders believe that Argentina may end up with about 30% of normal precipitation for the month. The price trend is down, and the situation looks to get worse into the first quarter. Unless the South America weather scare turns into a weather problem that causes major yield reductions, it could present a selling opportunity.