Soybean Commentary
Sept Soybeans close unchanged ($9.21 ¾), Nov 1 cent higher ($9.25 ¼) and March ¾ cent higher ($9.41 ½)
Sept Meal closes $1.2 lower ($294.6), Dec $1.3 lower ($298.1) and March $1.2 lower ($301.7)
Sept Bean oil closes 14 pts higher ($32.85), Dec 14 pts higher ($33.18) and March 17 pts higher ($33.51)
Chinese trade delegation suggests they will buy another 3.8 M T. of US soybeans – this goes with the 12.53 M T. that was announced in July
Weekly Export Sales – Soybeans – old crop vs. 50-250 K T. expected; new crop vs. 300-600 K T. expected – Soybean Meal – old crop vs. 0-100 K T. expected; new crop vs. 60-200 K T. expected – Soybean Oil – old crop vs. 8-25 K T. expected; new crop vs. 0-10 K T. expected
Flat price soybeans go into a minor consolidation phase as they caught between slightly better bean oil prices and slightly lower bean meal prices. West of Illinois I saw some pretty decent rains over the past couple of days. I find it interesting that these rains have dissipated once they hit the River. Rain remains in the Illinois forecast for the next few days.
Interior cash soybean prices continue to firm on slow movement. I’m told that demand has picked up as well. Despite the stronger looking cash prices soybean spreads, November forward, don’t do a whole lot. Offers to cash soybean meal remain depressed despite crusher downtime. Meal spreads ran unchanged all the way out to March.
The price action was pretty slow on Wednesday, not even a 7 cent range. That can be viewed one of two ways; one, the market is running out of sellers for the near term, two, suspected support ($9.25 to $9.15) is being honored until more is known as to crop size.
Daily Support & Resistance for 08/17
Nov Beans: $9.15 – $9.38
Dec Meal; $294.0 – $305.0
Dec Bn Oil: $32.50 – $33.60
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