🌱 Soybean Technical Analysis (GrainStats)

GrainStats Updated   
CBOT:ZSF2024   Soybean Futures (Jan 2024)
Soybean Fundamentals ( ZSF2024 )

Soybean Harvest Progress 🚜➑️🌱

β–“β–“β–“β–“β–“β–“β–“β–“β–“β–“β–“β–“β–‘β–‘β–‘ 85%

Export Inspections 🚒➑️🌎

1,890,227 Metric Tons
⬇️ 735,466 Metric Tons week vs. last week
⬇️ 1,030,191 Metric Tons this week vs. this week last year
⬇️ 372,103 Metric Tons this week vs. 5-year average

Export Sales

22,259,064 Metric Tons (Cumulative, Current Marketing Year)
⬇️ 8,264,993 Metric Tons this week vs. this week last year

Noteworthy News / Themes

🟒 Crush margins have re-bounded significantly due to the rally in Soybean Meal
πŸ”΄ It is still notably dry in Argentina and planting should be starting in full swing
🟒 US River levels have improved on the Mississippi river (barge freight down)

Soybean Technicals

Overall quite the sideways market with conflicting trends - one up and one down, with an inflection point coming up soon. Regardless, from a technical point of view, there is no trade in the middle of the range until any of the following levels get breached.πŸ‘‡

🟒 Upside Target: 13.31
πŸ”΄ Downside Targets: 12.97, 12.70
13.30 Target reached βœ…

Bigger question is if we broke out to the upside.


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