Soybeans Commentary

storck

Soybeans – Just My Opinion

March Soybeans closed 21 cents higher ($13.87 ¾), July 20 ¼ cents higher ($13.68) & Nov 18 ¾ cents higher (11.79 ¾)

March Soybean Meal closed $6.1 higher ($436.6), July closed $6.0 higher ($431.4) & Dec $6.7 higher ($376.6)

March Soybean Oil closed 97 pts higher ($45.63), July closed 77 pts higher ($44.23) & Dec 54 pts higher ($44.17)

Weekly Soybean Export Inspections – 1.800 M T. vs. 1.000-2.000 M T. expected

Here’s another market the trade is expecting to see bullish data from the USDA tomorrow. Weekly export inspections favor the high side of expectations. A slow start to the Brazilian harvest extends the time frame for US export origin. Argentina is moving into another round of dryness. Cold weather hampering grain movement lends support to the nearby spreads.

Average trade guess for US soybean carryout – 123 million bu. vs. 140 month ago

Average trade guess for World soybean carryout – 83.30 M T. vs. 84.31 month ago

For the past two weeks the $13.95-$14.00 has acted as resistance for March soybeans. We were just shy of that level today. The same can be said for the $440.0-$445.0 level for March soybean meal. It will be up to the USDA with tomorrow’s S-D update to either confirm or deny we are ready to attack the contract highs that were established in the 2nd week of January. There’s not much to say about March bean oil as new contract highs, new contract high closes were seen today in the nearby March contract. Weekly charts for soybean oil suggest $48.00 is the next level for solid looking resistance.

Daily Support & Resistance – 02/09

March Beans : $13.60 – $14.20

March Meal: $425.0 – $450.0

March Bean Oil: $44.50 – ???

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