May Soybeans closed 8 cents higher ($15.57 ¾), July 5 ¾ cents lower ($15.13 ¾) & Nov 14 ½ cents lower (13.28)
May Soybean Meal closed $4.2 lower ($421.3), July $5.0 lower ($421.8) & Dec $5.4 lower ($401.7)
May Soybean Oil closed 250 pts higher ($68.95), July 28 pts higher ($61.16) & Dec 39 pts lower ($50.93)
Weekly Soybean Export Sales – old crop vs. -100+200 K T. expected – new crop vs. 200-500 K T. expected
Weekly Soybean Meal Export Sales – old crop vs. 50-250 K T. expected – new crop vs. 0-25 K T. expected
Weekly Soybean Oil Export Sales – old crop vs. -10+50 K T. expected – new crop vs. none expected
Not to be left out of the fray volatility rules supreme in old crop soybeans as well. May soybeans looks at a 55 cent daily range, July 54 cents and November 33 cents. The session lows came in the night session while the days highs during the day session. The nighttime lows were follow selling/profit taking from Tuesday. Like any good bull market that sharp break was bought. Unfortunately for those that bought the break the ensuing rally failed to sustain itself suggesting we could see further flat price liquidation.
Be aware we cannot lump the old crop in with the new crop. The tightness in the old crop is not going to go away unless we start seeing massive export cancellations along with the crush coming to a complete standstill. New crop soybeans will take their cue from planting conditions and as of this writing I’m not seeing anything in the forecasts that would suggest sustained delays. Long story short here is I can’t think the volatility in the old crop/new crop spreads is a far cry from being over.
Daily Support & Resistance – 04/29
July Beans : $14.85 ($14.75) – 15.25
July Meal: $415.0 – $428.0
July Bean Oil: $59.50 – $62.60
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