Soybeans Commentary


Soybeans – Just My Opinion

Sept Soybeans closed 2 cents higher ($12.70 ¾), Nov 2 ½ cents higher ($12.79 ½) & Jan 2 cents higher ($12.88 ¾)

Sept Soybean Meal closed $0.1 higher ($337.4), Oct $0.1 higher ($334.9) & Dec unchanged ($337.8)

Sept Soybean Oil closed 31 pts lower ($57.45), Oct 26 pts lower ($57.46) & Dec 27 pts lower ($57.49)

USDA Announces Soybean Export Sales – 106 K T. sold to China

Soybeans consolidate against recent lows. The same holds true for soybean meal. Soybean oil continues to be influenced by the goings on in the palm market as well as our own energy markets as it trades all over the place today. Friday’s data from the USDA is expected to give us a modest increase in production as well as modest increase in projected carryout. I’m not expecting to see any changes in new crop demand while the old crop carryout should increase due to another reduction in the past season’s crush.

Going forward for the next couple of days my bias is to see consolidation in the soybean and soybean meal markers while not deviating too far from current lows. Soybean oil will continue to be dominated by the whims of the palm market as well as our own energy markets.

 Daily Support & Resistance – 09/09

Nov Beans: $12.70 – $12.96

Dec Meal: $334.0 – $343.0

Dec Soy Oil: $56.40 (?) – $58.75

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.