July Soybeans closed 2 ¾ cents higher ($13.59 ¾), August 3 cents higher ($13.39 ¾) & Nov unchanged ($13.12 ½)
July Soybean Meal closed $3.2 lower ($348.4), August $3.5 lower ($350.4) & Dec $5.5 lower ($353.8)
July Soybean Oil closed 184 pts higher ($64.15), August 171 pts higher ($62.16) & Dec 126 pts higher ($61.29)
Consolidation is the name of game for soybeans today. Soybean oil continues to stay quite strong while soybean meal stays quite weak. Look at these two charts and you’ll see that each one is at opposite ends of the spectrum. With that said soybeans get caught in the middle. Tomorrow’s old crop Stocks’ figure will remind us that old crop soybeans remain relatively tight. We also know, however, that current demand for soybeans is no big deal. What will be a big deal is that we get the needed additional acres so we don’t have a year as tight as this past one. Like corn it will be necessary to see where we get the additional acres. If they are in the northwest they will be discounted due to the ongoing drought conditions in that area.
Now we play the waiting game until 11:00 AM CDST tomorrow. One thing we can be sure of and that is the volatility will stay quite high no matter what the data suggests.
Daily Support & Resistance – 06/29
Nov Beans: $12.75 – $13.65 ($13.80)
Dec Meal: $340.0 – $380.0
Dec Soy Oil: Lmt Down – Lmt Up
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