Soybean Commentary
May Soybeans close ½ cent higher ($9.72), July ½ cent higher ($9.82 ¼) and Nov 1 ¼ cents higher ($9.72 ¼)
May Meal closes unchanged ($315.3), July $0.2 higher ($318.8) and Dec $0.3 lower ($317.7)
May Bean Oil closes 18 pts higher ($32.47), July 19 pts higher ($32.74) and Dec 14 pts higher ($33.05)
For what it is worth – 8 out of the last 12 years the average trade estimate for the March Quarterly Soybean Stocks report has been too high while the average trade estimate for Prospective Soybean Plantings has been too high 9 out of the last 12 years
It looks like the recent wave of liquidation in the bean and meal markets have run their course for the time being. With the USDA reports due for Friday this makes sense given the break we have just endured. For the next three days leading up to Friday my bias is for continued consolidation with maybe some light buying.
Interior cash soybeans markets are running steady with some selected higher bids. Cash movement has come to a halt. The Gulf appears stable just above recent lows. Soybean spreads ran flat within in the old crop while od crop gained fractionally on the new crop. Offers to sell cash meal remain depressed looking. Meal spreads within the old crop ran mostly flat on the day while old crop gained minutely on the new crop.
Daily Support & Resistance for 03/29
July Beans: $9.76 – $9.91
July Meal; $316.0 – $323.0
July Bn Oil: $32.15 – $33.10
The risk of trading futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not indicative of future results.