See picture for analysis. Feel free to share your thoughts.
Soybean price rebounded from previous swing high Price may retest trendline above and probably breakout before another pullback into the range. Bearish momentum may go a bit further..
Soybean chart currently approaching a significant area - reversal zone. The bulls might run for a while. Will see if bearish structure and momentum come in later.
Soybeans Commitments of Traders Update: Friday’s CoT report showed Managed Money were net sellers of 29,914 futures/options contracts through June 28th. Majority of this was long liquidation, 26,432 contracts. This shrinks their net long position to 124,498 futures/options. Fundamentals: Late last week there were rumors circulating that 8 cargoes of soybeans were...
Soybeans Technicals (August): Yesterday’s USDA report put some pep in soybeans step right out of the gat, launching prices all they way up to technical resistance near $16.00. This is obviously a psychologically significant level, but it also represents the 50 and 100 day moving average, along with the breakdown point from June 22nd. Despite the friendly report,...
Soybeans Fundamentals: All eyes will be on tomorrow’s USDA report. The range of estimates for planted acres is 89.2-92.4 million, the USDA was at 91.0 in March. The average estimate for US soybean ending stocks as of June 1 is .954 billion bushels. Last year at this time we were at .769. Technicals (August): The market has rallied back to our resistance pocket,...
Soybeans Fundamentals: Soybean futures are higher this morning after yesterday’s crop progress report showed a drop in good/excellent conditions of 3%. Keep in mind that we are still 5% better than where we were at this time last year. All eyes will be on Thursday’s USDA report. The range of estimates for planted acres is 89.2-92.4 million, the USDA was at 91.0...
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WEAT continues to trend lower, alongside corn and soybean prices. Many of these charts have turned bearish as funds look to trim back some of their historically long positions. Weather will continue to be a key factor going forward, as of now, it looks favorable which may be adding to the pressure. July options expiration is tomorrow, a lot of open interest at...
Soybeans (July) Technicals: July soybean futures got hit hard last night and remain under pressure in the early morning trade. 4-star support from 1644 ¾-1650 looked as though it would hold into options expiration, with yesterday’s low coming in at 1647 ½. Those hopes evaporated quickly last night as the breakdown below support accelerated the selling, taking us...
After forming a double top on the weekly chart it's time to short soybeans. The low of the 4th wave (blue box) is the target.
Soybeans Fundamentals: This morning’s weekly export sales report showed net sales of 317,200 MT for 2021/2022 were down 26 percent from the previous week and 16 percent from the prior 4-week average. Net sales of 407,600 MT were reported for 2022/2023. Technicals: Soybeans are firm in the early morning trade, retracing the losses from the previous two sessions....
Soybeans Technicals: July soybean futures broke and close below trendline support yesterday which opened the door for additional weakness in the overnight session. Futures have recovered some and trading near unchanged. Previous support is now resistance, we see that first hurdle coming in near 1710. On the support side of things, the 50-day moving average and low...
Soybean daily chart reached swing high and reversed. With Left shoulder also reversed before and momentum confirmation in daily chart. A short term bearish momentum may continues. Disclaimer: This is only for educational purpose and not financial advise.
Soybeans Fundamentals: Yesterday's weekly crop progress report showed the U.S. soybean crop is 88% planted, 70% emerged, and a Good/Excellent rating of 70%. There were no major surprises here. Yesterday's weekly export inspections report came in at 605,129 metric tons, well above the 365,455 last week and 141,320 we saw in the same week last year. Technicals:...
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Fundamentals: Soybeans are under pressure to start the week, along with many other commodities and markets as last week's outside market turmoil has poured into this week's trade. This afternoon's Crop Progress report is expected to show the U.S. soybean crop near 90% planted. Good/Excellent conditions are expected to come in near 70%. Last year at this time the...
Soybeans have been consolidating and shorts have been hitting the same level near the invasion day highs for 3 months give or take, today price broke out and confirmed a weekly trend signal. The monthly timeframe indicates beans can rally until October 2022, so, getting lower timeframes to turn bullish again presents us with a massive reward to risk long...