We expect a drop in the soybean commodity in the coming period since trading is less than the crucial point 1509. Currently, we expect to complete the correction in wave ((ii)), which may reach prices of 1471 or 1480 before declining again.
This is a call I wanted to make yesterday, but didn't have time. With the time I had, there was a choice between this and a Nasdaq NS call and made the Nasdaq call:
Nasdaq NQ - 8 Days & 1,700 Points
But in fairness, I did pick up November options during yesterday's session, so at least I can say that much for myself, since this has some vibes of hindsight...
Type : Bullish rise
Resistance : 1581'4
Support : 1377'2
Preferred Case: On the H4, with price moving along the ascending channel, we have a bullish bias that price will rise from the pivot at 1483'4, which is in line with the 38.2% fibonacci retracement to the 1st resistance at 1581'4 where the 61.8% fibonacci retracement is.
It is now trading in a corrective wave ((B)) targeting 1521 and may extend to 1536 prices provided that the critical limit at 1784 is not breached. The drop is confirmed by breaking the 1373 point
we expect the decline in the coming period and the end of the correction in wave ((ii)). and the beginning of the decline. But the main resistance remains at 1432.26. Breaking this level indicates that there is a more corrective bounce, and the bearish scenario is over.
Flash Sale Alert
Private exporters reported sales of 167,000 metric tons of soybeans for delivery to China during the 2022/2023 marketing year.
(More) Lower Yield Estimates
Commodity Consultant, Dr. Michael Cordonnier released his yield estimate for the U.S. corn crop. He dropped his estimate 3 bushels per acre, to 170 bpa. As mentioned,...
Weaker than expected growth in China was reported overnight, with real estate leading the way to the downside. The weaker than expected data prompted their Central Bank to announce a surprise interest rate cut. We are seeing the slower growth data have ripple effects in commodities this morning with oil down over 5% and soybeans down...
Type : Bullish Rise
Resistance : 1508'4
Support : 1400'4
Preferred Case: On the H4, with prices moving above the ichimoku indicator and broken out of the descending trendline , we have a bullish bias that price will rise from the pivot at 1438'6 where the pullback support and 23.6% fibonacci retracement are to the 1st resistance at 1508'4 where the...
Technicals (September): September wheat futures are officially over a dollar off Friday’s low, testing the 200-day moving average and the upper end of our first resistance pocket, 1411 ¾. If the Bulls can keep the momentum going above here, we could see a retest of the congestion pocket from 1444 ½-1455. Our bias has been at Neutral/Bullish aka cautiously...
U.S. corn futures fell to two-week lows and new-crop soybeans hit a six-month low on Thursday on improving crop weather in the Midwest and news of a deal to restart Ukraine's Black Sea grain exports, traders said.
GRAINS-Corn, soy, wheat fall on U.S. crop weather, Ukraine exports pact muabanphaisinh.vn
Fundamentals: This morning’s weekly export sales report showed Net sales of 203,500 MT for 2021/2022 and 254,700 MT for 2022/2023. Yesterday morning, private exporters reported sales of 136,000 metric tons of soybeans for delivery to China during the 2022/2023 marketing year.
Technicals: The 200-day moving average has held as support over the last few...
Dear investors, last week soybean market confirmed the start of a bear market, and through my analysis, I concluded that the price level of ZS shows a high probability to continue its downfall next week towards the 120s.
Contact me for more details.
Fundamentals: Yesterday’s weekly export inspections came in at 362,622 metric tons, roughly 4,000 more than last week. The weekly Crop Progress report showed good/excellent conditions at 61%, 1% lower than last week. 48% of the crop is blooming.
Technicals: August soybean futures ran up into our congestion pocket yesterday, which we had listed as 1513...
Commitments of Traders Update: Friday's CoT report showed Managed Money were net sellers of 25,717 futures/options contracts through July 12th. Majority of this was long liquidation, 17,257 contracts. This shrinks the net position of Managed Money to 95,711 contracts.
Technicals (August) : Soybeans have been frequent flyers of the 200-day moving average...