Soybeans Commentary

storck

Soybeans – Just My Opinion

May Soybeans closed 21 cents lower ($13.82), July 19 ¼ cents lower ($13.79) & Nov 13 cents lower (12.50 ¼)

May Soybean Meal closed $0.7 higher ($401.9), July $0.6 higher ($406.1) & Dec $0.8 higher ($392.0)

May Soybean Oil closed 140 pts lower ($51.45), July 135 pts lower ($49.58) & Dec 113 pts lower ($45.76)

Weekly Soybean Export Inspections – 327.8 K T. vs. 100-400 K T. expected

The lack of new bullish inputs from the USDA as to the US old crop on Friday coupled with the higher Brazilian soybean crop has the funds continuing to liquidate. Sharply lower palm prices weighed on soybean oil today. Soybean meal got some minor left-handed support from the inter-market spread liquidation involving short meal but was not enough to stem the bearish influence. We can honestly say old crop soybeans will remain tight going forward but unfortunately in the futures game the bull needs to be fed every day. Going forward old crop soybean will get their remaining sparks from the spreads when we get into the delivery game for the remaining old crop months. As of this writing new crop beans are losing the battle vs. new crop corn. Planting timeliness and conditions throughout the Midwest will eventually declare the winner of this acreage battle. For what it is worth the NWS continues to call for cool and dry conditions to stay with us into the last week of April. As far as price projections are concerned I believe July soybeans are in support against the $12.75 level. $12.30 should prove to be support for November soybeans while resistance appears to be the $12.75 – $12.80 level.

Daily Support & Resistance – 04/13

July Beans : $13.75 – $13.95

July Meal: $402.0 – $412.0  

July Bean Oil: $48.50 – $51.00

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.