July Soybeans closed 20 ½ cents lower ($13.94 ½), August 18 ¼ cents lower ($13.52) & Nov 17 cents lower ($13.02 ¼)
July Soybean Meal closed $9.8 lower ($363.3), August $9.1 lower ($363.3) & Dec $8.2 lower ($366.7)
July Soybean Oil closed 34 pts higher ($60.67), August 24 pts higher ($58.92) & Dec 6 pts higher ($57.99)
Initially the soybean complex had the same type of price action corn saw; higher on Monday night’s opening and then fading. The day session started differently as the bean oil market caught a bid which in turn buoyed soybeans off of the Monday night lows. Soybean meal during all of this was trying to hold its own. Soybeans were during a pretty good interpretation of a two-sided trade during the day session until the midday weather maps became available indicating better near term moisture potential and prices started to fade. Soybean oil gave up most of its gains and soybean meal started to get ugly. So between better looking forecasts and the meal market more than offsetting bean oil’s gains the soybean market had no chance of standing in.
Since late April the large spec and managed money has been exiting the long side of the soybean market. Recent price action in November soybeans has an upflagging look which longer term suggests we are supposed to be selling rallies. My first good resistance level is $13.50 followed by something closer to $14.00. December soybean oil has a similar upflagging look with its best near term resistance up towards the $60.00 level. I’m not sure what one can say about December meal other than it has been the weak sister all along. There is some minor looking support closer to the $360.0 level but better looking down at $350.0.
Daily Support & Resistance – 06/23
Nov Beans: $12.75 – $13.25
Dec Meal: $360.0 – $375.0
Dec Soy Oil: $55.00 – $59.50
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.