Soybeans Commentary


Soybeans – Just My Opinion

Sept Soybeans closed 9 cents higher ($13.46), Nov 1 cent higher  ($13.32 ¾) & Jan ½ cent higher ($13.37 ¼)

Sept Soybean Meal closed $2.6 lower ($352.3), Oct $2.7 lower ($350.1) & Dec $2.9 lower ($352.8)

Sept Soybean Oil closed 80 pts higher ($61.89), Oct 69 pts higher ($61.30) & Dec 69 pts higher ($61.24)

Weekly Soybean Export Sales – old crop vs. -100 + 125 K T. expected – new crop vs. 1.300-2.000 M T. expected

Weekly Soybean Meal Export Sales – old crop vs. 25-350 K T. expected – new crop vs. 50-150 K T. expected

Weekly Soybean Oil Export Sales – old crop vs. 0-20 K T. expected – new crop vs. 0-5 K T. expected

Soybean oil continues to carry the ball within the soybean complex. Bean oil prices have retraced 500 pts of last week’s 700 pt break. Yesterday’s spark in soybean meal prices saw no follow through today as prices stayed within yesterday’s range. Soybeans traded on both sides of the fence before finishing barely higher on the day (I’m not including Sept beans in this statement as they are already starting their delivery games). Forecasts continue to call for hit and/or miss pop-up storms. Weekly export sales in the morning are once again expected to show solid numbers. Like corn I think November soybeans for the near term are no better, no worse than a trading affair between $12.50 on the downside and $13.60 to $13.80 on the topside.

Daily Support & Resistance – 08/26

Nov Beans: $13.20 ($13.10) – $13.43

Dec Meal: $349.0 – $359.0

Dec Soy Oil: $59.50 – $62.00

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.