This ZSN has reversed and has formed a new daily uptrend with big potential, if it goes up to the blue line level, keep adjusting the stop loss on the way up, and expect a few pullbacks on the way up.
Beans made a second bottom at the same yearly fib pivot. See if it can get past the last swing high after a bounce I noted earlier this year on the same level.
Soybeans
Technicals (May)
May soybean futures broke lower but found support at our 4-star support pocket which we've outlined in recent reports as 1128 1/2-1133 1/2. The Bulls need to see this pocket defended, a failure to do so could accelerate the selling pressure. Below this support pocket and prices are back in uncharted territory, the next support level...
Soybeans
Technicals (May)
May soybean futures attempted to hold ground yesterday, but it lacked conviction. Prices are giving back those gains in today’s trade. 1155-1160 is the first resistance pocket the Bulls need to overcome to help spark a bigger relief rally. A failure to do so keeps the potential for new lows alive and well.
Bias:...
Soybeans
Technicals (May)
May soybean futures broke back below support yesterday which accelerated the selling pressure and keeps the door open for a retest of the February lows in play, that comes in from 1128 1/2-1133 1/2.
Bias: Neutral
Resistance: 1155-1160***, 1170-1175***
Pivot: 1150
Support: 1128 1/2-1133 1/2****
Fund Positioning
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Chicago Board of Trade (CBOT) soybean futures dropped on Tuesday on technical selling and spillover support from lower corn and wheat.
-CBOT May soybeans ended down 11-3/4 cents at $11.74 per bushel after touching the lowest level since March 8.
-Selling accelerated as the benchmark contract broke through technical chart support at its 20- and 50-day moving...
Chicago Board of Trade soybean futures eased on Monday on good supplies, seasonally slowing U.S. export demand and spillover pressure from falling corn and wheat prices.
-CBOT May soybeans settled down 5-3/4 cents at $11.85-3/4 per bushel.
-CBOT May soymeal settled $4.30 lower at $333.40 per short ton, and May soyoil gained 0.29 cent to settle at 48.24 cents per...
Thursday marked the last trading day of the month and first quarter, which coincides with one of the more highly anticipated USDA reports of the year; quarterly stocks and prospective plantings.
The USDA estimates that there will be 86.51 million acres of soybeans planted in the U.S. this year, that was a hair below the average analyst estimate of 86.53 million...
Soybeans (ZS1!) has been trading within a Channel Down pattern since early 2023 just last week, it almost hit its bottom (Lower Lows trend-line). So far the price has reacted with a minor rebound, while the 1D RSI has been on a major Bullish Divergence (Higher Lows against the price's Lower Lows).
This is the best buy signal since the May 31 2023 bottom where...
Hi everyone... a quick take on Soybeans Futures
The current composite stock market sentiment is widely accepted to be a repeated cycle from the past. Some markets are leading within the cycle, others are lagging, yet, all are in a continuous band..... And now, SOYBEANS
This is the DJIA structure between November 1903 to February 1915, a 11.3 year cycle.
The...
Fundamental Outlook:
There’s no beating around the bush - the fundamental outlook for soybeans is bearish. Global ending stocks are now at all time highs per the last WASDE report, and export demand for U.S. soybeans has slowed considerably - currently down around 19% year-over-year. As South American harvest progresses, the outlook of the Brazilian soybean...
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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