Weather, Brazil could run out of beans in July. If we close over the highs of 1344.50 we should see 1385. Above that 1440. Support now is 1319 and 1301.75 on just some retracements. The moving avg's are 1300 (100) and 20 day is 1293.25. I dont want to see a close under the 20 but would risk close under 1285.
We were told just today that it was the warmest spring on record in the US. The market knows we need those double crop bean acres and many are waiting for rain before they plant them. We have some acres still trying to be finished planted and replanting some is on hold for the same reason. If weather stays its course and weather does trend we could be down the road at all time new highs for beans. Crop conditions Monday should be down for beans and corn.