Soybeans Commentary

storck

Soybeans – Just My Opinion

July Soybeans closed $1.18 ¾ cents lower ($13.29 ¾), August $1.07 cents lower ($12.95) & Nov 90 ½ cents lower ($12.52 ¾)

July Soybean Meal closed $17.7 lower ($361.5), August $16.9 lower ($362.8) & Dec $13.7 lower ($369.4)

July Soybean Oil closed 550 pts lower ($56.57), August 550 pts lower ($54.34) & Dec 550 pts lower ($52.33)

Weekly Soybean Export Sales – 65.2 K T. old crop vs. -100 +200 K T. expected – 6.5 K T. new crop vs. 100-300 K T. expected

Weekly Soybean Meal Export Sales – 177.3 K T. old crop vs. 100-300 K T. expected – 7.8 K T. new crop vs. 0-25 K T. expected

Weekly Soybean Oil Export Sales – 2.2 K T. old crop vs. 0-25 K T. expected – no new crop vs. none expected

USDA announces Soybean Meal Export Sales – 135.0 K T. old crop sold to Philippines

We’ve been trading the possibility of bearish weather all week. The sharply higher spike in the US dollar added to the pessimism. Soybean oil’s liquidation continues as it finished limit down at the new expanded limit. That spilled over into soybeans and eventually soybean meal. Be aware that if one of the soy complex’s market finishes limit the other two markets will have their daily limits expand as well. So is there any support left? Support for Dec bean oil shows up at the $50.00 level. Nov beans shows some support at the $12.50 level (which we are currently at) but better down towards $12.00 level. Given the dramatic break we have seen this week for these two markets there is plenty of room to retrace back higher but from a longer term technical perspective the bull market of 2021 appears to be over. With that same perspective in mind hard rallies would be selling opportunities. We still have the majority of the growing season ahead of us – there will be rallies.

Daily Support & Resistance – 06/18

Nov Beans: $12.28 – $12.85

Dec Meal: $360.0 – $380.0

Dec Soy Oil: $50.00 ($48.00) – $56.00

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.