The grain market has settled down the last 4-5 weeks due to a combination of weak exports for corn and soybeans, too many speculators long the market and ideas that South American crops will be huge this winter (Brazil/Argentina summer). In addition, we began forecasting in late August, the drought to begin to slowly ease in the Midwest, in which crop conditions stabilized for soybeans.
These rains went a long ways towards the USDA increasing their U.S. soybean crop estimate to 2.86 billion bushels in October, up from 2.63 billion bushels a month earlier; something that we sort of got wind about, during September………………………………………..Full Article: Source