Watch the March 21 to November 21 soybean spread. On the rally from the August low to the high on Friday, the spread kept narrowing. The March 2021 contract went from a 10 cent discount to the November 2021 contract to a 70 cent premium last Thursday. The spread widened out on Friday and again on Monday. When this spread starts to narrow again, that means the bull spread are starting to work. That will signal a possible short-term low in the soybean market.
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