Soybean futures are off to a rough start in 2024. In the first week of trading, March soybeans were down nearly 42 cents on the back of beneficial rains sweeping Central Brazil. Selling pressure permeated into Monday’s session as well, with soybeans trading down into the mid 1230’s. So, the question now becomes, will March soybeans make new contract lows?
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TrendCloud signal on Micro Crude Oil worked out great today.
Hit our targets on Crude and also Corn.
TrendCloud Scanner picked up on both of them this morning.
15 min trend and 1 hour CCI momentum were both down.
This gave us a 5 min TrendCloud signal that hit our targets for profit taking as we scaled out of the position.
Weekly chart, Soybean Futures almost formed a bullish chart pattern - Descending Wedge.
After crossing resistance 2 line and line 1, the target will be 1550 then 1770
The other side probability is activated by breaking down support line 1.
However, support line 2 can be a strong barrier and force a price rebounding.
In the Soybean futures market, a stabilization trend is evident. Several indicators suggest that this bottoming process appears to be sustainable.
When considering the price in relation to standard deviations, it becomes apparent that the current price is within the range of its mean.
Given the presence of a concealed yet distinctly bullish On-Balance Volume...
Fundamental Data👇
🌱Soybean Marketing Year Progress (23/24)
▓▓▓▓░░░░░░░░░░░ 27.62%
Export Inspections 🚢➡️🌎
1,108,864 Metric Tons
⬇️ 464,425 Metric Tons week vs. last week
⬇️ 1,120,580 Metric Tons this week vs. this week last year
⬇️ 800,246 Metric Tons this week vs. 5-Year Average This Week
Export Sales🗺️🫰
32,399,826 Metric Tons (Cumulative, Current...
Soybean prices have been on a rollercoaster fuelled by turbulence over the last month amid elevated weather concerns, changing production yields, and geopolitical upheavals affecting prices. Winters are vital for bean traders. This paper delves into the various forces at play to guide traders and portfolio managers to navigate through the rough weather....
Fundamental Data👇
🌱Soybean Marketing Year Progress (23/24)
▓▓▓▓░░░░░░░░░░░ 23.76%
Export Inspections 🚢➡️🌎
1,609,413 Metric Tons
⬇️ 330,666 Metric Tons week vs. last week
⬇️ 420,260 Metric Tons this week vs. last week
⬇️ 319,437 Metric Tons this week vs. 5-Year Average This Week
Export Sales🗺️🫰
29,054,927 Metric Tons (Cumulative, Current Marketing...
Fundamental Data👇
🌱Soybean Marketing Year Progress (23/24)
▓▓▓░░░░░░░░░░░░ 21.77%
Soybean Harvest Progress 🚜➡️🌱
▓▓▓▓▓▓▓▓▓▓▓▓▓▓░ 95%
Export Inspections 🚢➡️🌎
1,666,467 Metric Tons
⬇️ 516,368 Metric Tons week vs. last week
⬇️ 941,965 Metric Tons this week vs. last week
⬇️ 549,183 Metric Tons this week vs. 5-Year Average This Week
Export Sales🗺️🫰...
Fundamental Data👇
🌽Soybean Marketing Year Progress (23/24)
▓▓▓░░░░░░░░░░░░ 20.53%
Soybean Harvest Progress 🚜➡️🌱
▓▓▓▓▓▓▓▓▓▓▓▓▓▓░ 95%
Export Inspections 🚢➡️🌎
1,666,467 Metric Tons
⬇️ 516,368 Metric Tons week vs. last week
⬇️ 941,965 Metric Tons this week vs. last week
⬇️ 549,183 Metric Tons this week vs. 5-Year Average This Week
Export Sales🗺️🫰...
Fundamental Data👇
Soybean Harvest Progress 🚜➡️🌱
▓▓▓▓▓▓▓▓▓▓▓▓▓░░ 91%
Export Inspections 🚢➡️🌎
2,085,419 Metric Tons
⬇️ 35,012 Metric Tons week vs. last week
⬇️ 500,809 Metric Tons this week vs. this week last year
Export Sales🗺️
24,241,071 Metric Tons (Cumulative, Current Marketing Year)
⬇️ 8,056,733 Metric Tons this week vs. this week last year 🤯
...
Fundamental Data👇
Soybean Harvest Progress 🚜➡️🌱
▓▓▓▓▓▓▓▓▓▓▓▓░░░ 85%
Export Inspections 🚢➡️🌎
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🗺️
23,269,073 Metric Tons (Cumulative, Current Marketing Year)
⬇️...
The January soybean contract closed Monday’s session rallying for the fifth day in a row - closing at the exact 61.8% retracement of the August 28th high and October 12th low. Can the contract continue to build on its recent strength? Or will this week’s World Agricultural Supply and Demand Expectations (WASDE) report cut the rally short.
The Bullish Case :...
Soybean Fundamentals ( CBOT:ZSF2024 )
Soybean Harvest Progress 🚜➡️🌱
▓▓▓▓▓▓▓▓▓▓▓▓░░░ 85%
Export Inspections 🚢➡️🌎
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...
10yr Corn outlook: Potential course of the Bean market for the next 10 years. Previous inflationary markets have caused for the multi year market structure to step up in price ranges. Before that range is found, Beans will need to mark a pivot high enough to ration some future demand. The low found after a major high is made, could mark an area for the future...
The November soybean contract tested 1300 per bushel on Tuesday, trading all the way up to 1303 ½, before ultimately settling at 1296 ¾. The question is now - where do we go from here?
Psychologically Significant Resistance
Failing to close above 1300 means we failed to close above a psychologically significant resistance level at 1300. Moreover, we’ve...
