Monday, March 31, 2008

Soybeans to Continue Downward?

Nearing the close of the trading session today, the ask pool of soybean contracts (waiting to find willing buyers) has gone from well over 63,000 contracts -- to only about 2000 in a matter of 10 minutes. I must assume that these are orders that have been canceled rather than filled. I have also seen similar huge pools of buyers and sellers that dissipated in the intervening hours before evening trading began a few hours later, and the soybean market began to trade freely again. However, this one feels to me like we may see more strong selling activity this evening when the market begins to trade again. The market has proven me wrong before. We'll see in a few hours' time!