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 ...
Soybeans Technicals (May) May soybean futures had a strong close on Friday, finishing back at resistance from 1170-1175. An impressive showing considering prices traded down to 1151 in Thursday’s trade. The Bulls want to see consecutive closes back above 1170-1175 to put the ball back in their court. A failure to do so could keep sellers active. If the Bulls can...
Grain markets have flatlined to start the week as the lack of new news has kept buyers and sellers at bay. These are the technicals we are watching that could change that. Check out Blue Line Futures for technicals on Soybeans, Wheat, and Corn: bluelinefutures.com Corn Technicals (May) May corn futures were able to gain some ground yesterday, but it...
I see a sharp ramp up in commodities after Powell's presser on Friday when the inflation metrics come out and he sends a Dovish message (not hawkish enough). The dollar will end up turning back up this summer so I see this upward trend momentarily until after the FED goes in with CBDC's and then commodities will take off. At that point I doubt stocks will exist so...
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...
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? ...
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.
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....
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...
As you can see, this increase is temporary in nature because the overall trend is still in a downtrend. So, my expectation for now is that soy prices will climb until they reach the daily resistance zone around 53.50 (as indicated by the red box drawn). It is anticipated that the price will experience a decline upon reaching this level because this zone can be...
This Fib layout consists of the most important agricultural commodities. Beef, Pork, Soybean, Corn, Wheat, Rice, and Orange Juice Futures. -Orange Juice is sold as a frozen concentrate which makes it a commodity. Each Schematic is worked through by Large Institutions on behalf of the Fed. Market Manipulation through inflation and destroying meat processing...
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...
See picture above for top-down analysis but I'm personally bullish with HTF correlation + LTF.