Soybeans Commentary

storck

Soybeans – Just My Opinion

Sept Soybeans closed 5 ¼ cents higher ($9.85), Nov 1 ¼ cents lower ($9.77 ½) & March 1 ¼ cents lower ($9.80)

Sept Soybean Meal closed $0.2 higher ($311.1), Dec $0.6 lower ($317.5) & March $0.6 lower ($319.5)

Sept Soybean Oil closed 8 pts lower ($33.13), Dec 1 pt lower ($33.20) & March 3 pts lower ($33.51)

USDA announces Soybean Export Sales – 195 K T. to China

Weekly Soybean Export Sales – old crop vs.-100+100 K T. expected – new crop vs. 1.100-1.900 M T. expected

Weekly Soybean Meal Export Sales – old crop vs. 25-100 K T. expected – new crop vs. 200-400 K T. expected

Weekly Soybean Oil Export Sales – old crop vs. 0-10 K T. expected – new crop vs. 0-30 K T. expected

Minor consolidation throughout the complex as the trade waits for tomorrow’s USDA data. Like corn everyone is looking for lower production and higher demand. I do wonder if the USDA can give the bulls enough bullets to add to the $1.15 rally we’ve seen since August 10th.

Most interior cash soybean markets are firm as both processors and river locations are vying for bushels. The nearby export slot is firm and the Nov and Dec slots are even stronger. Soybean spreads ran fractionally mixed on the day. Interior cash meal markets are firm in Iowa steady elsewhere. Meal spreads showed a slight bullish bias.

Last January November soybeans made a high at $9.82 ¾. The contract high made in 2018 is $9.85. I will admit the November soybean chart shows a modest degree of overbought. December meal is not far behind in that regard. December soybean oil continues to consolidate just below its recent highs. The suggested downside reversal from a week ago Monday remains intact. As I said earlier – will the USDA give the bulls enough bullets to advance the rally.

Daily Support & Resistance – 9/11

Nov Soybeans: $9.50 – $10.00

Dec Bean Meal: $308.0 – $325.0

Dec Bean Oil: $32.60 (?) – $34.10 (?) 

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.