🌱 Soybean Technical Analysis (GrainStats)
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)
⬇️ 8,281,365 Metric Tons this week vs. this week last year 🤯
Price Sentiment (Community Polling)📊
Bullish 🟩🟩🟩🟩⬜️⬜️⬜️⬜️⬜️⬜️ 39%
Neutral 🟫🟫🟫⬜️⬜️⬜️⬜️⬜️⬜️⬜️ 25%
Bearish 🟥🟥🟥⬜️⬜️⬜️⬜️⬜️⬜️⬜️ 30%
Noteworthy News / Trends 🆕
🟢 US River levels have improved on the Mississippi river (barge freight down 4 weeks in a row) - Positive for basis development
🟢 Harvest is nearing completion in the US (less sell side pressure from farmers)
🟢 Funds have reversed their net bearish bets on soybeans in the past 3 weeks
🔴 Export sales are dismal
🔴 Crush margins backing off
🔴/🟢 Rains forecasts are improving in Argentina, mixed in Brazil
Funds💰
Funds have reversed their net short position and are long over 23 thousand contracts.
Soybean Technicals 💹
Soybeans successfully broke out of their near term downtrend late last week which has opened the door to higher levels. We currently believe that there is potential to continue higher while also respecting the downtrend in prices since summer.
We also note that Soybean futures are stuck right in the middle of the range, so we advise caution as a choppy trade is to materialize with support/resistance being set largely out of the down/up trendlines.
What we're paying attention to currently is the export situation in the US being extremely dismal and looking for a bright spot. We are looking at the new crop Soybean/Corn spread which we believe will keep on pricing itself to incentivize farmers to plant more Soybeans next spring. Other than that, Argentina and Brazil soybean development is on the radar on everyone's trade desk. Expect some choppiness!
Watch the following levels for now👇
🟢 Upside Targets: 13.60, 13.75, 13.83
🔴 Downside Targets: 13.26, 12.97, 12.70
Investment Risk Disclaimer⚠️
This information is provided for informational and educational purposes only and is not intended to constitute investment, financial, legal, tax or accounting advice. The views expressed are those of the author and do not necessarily represent the opinions or advice of our firm. Futures, options, and over-the-counter derivatives involve a high degree of risk and may not be suitable for all investors. Past performance is not indicative of future results.
Investments or strategies mentioned herein may not be suitable for you. The information contained herein does not take into account the particular investment objectives, financial situations, or needs of individual users. Before making any investment decision, you should perform due diligence and consider seeking advice from an independent financial or investment advisor.
All investments involve risk, including the possible loss of principal. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. We do not guarantee any outcomes regarding your use of the information provided.
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)
⬇️ 8,281,365 Metric Tons this week vs. this week last year 🤯
Price Sentiment (Community Polling)📊
Bullish 🟩🟩🟩🟩⬜️⬜️⬜️⬜️⬜️⬜️ 39%
Neutral 🟫🟫🟫⬜️⬜️⬜️⬜️⬜️⬜️⬜️ 25%
Bearish 🟥🟥🟥⬜️⬜️⬜️⬜️⬜️⬜️⬜️ 30%
Noteworthy News / Trends 🆕
🟢 US River levels have improved on the Mississippi river (barge freight down 4 weeks in a row) - Positive for basis development
🟢 Harvest is nearing completion in the US (less sell side pressure from farmers)
🟢 Funds have reversed their net bearish bets on soybeans in the past 3 weeks
🔴 Export sales are dismal
🔴 Crush margins backing off
🔴/🟢 Rains forecasts are improving in Argentina, mixed in Brazil
Funds💰
Funds have reversed their net short position and are long over 23 thousand contracts.
Soybean Technicals 💹
Soybeans successfully broke out of their near term downtrend late last week which has opened the door to higher levels. We currently believe that there is potential to continue higher while also respecting the downtrend in prices since summer.
We also note that Soybean futures are stuck right in the middle of the range, so we advise caution as a choppy trade is to materialize with support/resistance being set largely out of the down/up trendlines.
What we're paying attention to currently is the export situation in the US being extremely dismal and looking for a bright spot. We are looking at the new crop Soybean/Corn spread which we believe will keep on pricing itself to incentivize farmers to plant more Soybeans next spring. Other than that, Argentina and Brazil soybean development is on the radar on everyone's trade desk. Expect some choppiness!
Watch the following levels for now👇
🟢 Upside Targets: 13.60, 13.75, 13.83
🔴 Downside Targets: 13.26, 12.97, 12.70
Investment Risk Disclaimer⚠️
This information is provided for informational and educational purposes only and is not intended to constitute investment, financial, legal, tax or accounting advice. The views expressed are those of the author and do not necessarily represent the opinions or advice of our firm. Futures, options, and over-the-counter derivatives involve a high degree of risk and may not be suitable for all investors. Past performance is not indicative of future results.
Investments or strategies mentioned herein may not be suitable for you. The information contained herein does not take into account the particular investment objectives, financial situations, or needs of individual users. Before making any investment decision, you should perform due diligence and consider seeking advice from an independent financial or investment advisor.
All investments involve risk, including the possible loss of principal. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. We do not guarantee any outcomes regarding your use of the information provided.
Comment:
13.60 Target met on Soybeans ✅
Comment:
13.75 Target met on Soybeans ✅
Comment:
13.83 Target met on Soybeans ✅