Soybean Prices Continue to Climb

Soybean futures prices are continuing to grind higher in the early morning trade, taking prices back towards the upper end of the recent range with more significant resistance coming in near the psychologically significant $14.00 level. We continue to believe the Bulls have the technical advantage so long as the Bulls continue to defend 1315-1320. A break and close below that pocket would neutralize our bias.

Today's USDA report is scheduled to be released at 11am CT.

The average analyst estimate for yield comes in at 51.4 bushels per acre. The average production estimate is 4.253 billion bushels.