Soybeans Commentary

storck

Soybeans – Just My Opinion

August Soybeans closed 12 ¼ cents lower ($8.61 ½), Sept 12 ¼ cents lower ($8.66 ¾) & Nov 12 ½ cents lower ($8.79 ¼)

August Soybean Meal closed $4.8 lower ($291.9), Sept $5.1 lower ($293.4) & Dec $5.0 lower ($298.7)

August Soybean Oil closed 13 pts higher ($29.64), Sept 8 pts higher ($29.66) & Dec 10 pts higher ($30.05)

Weekly Soybean Export Inspections – 944.2 K T. vs. 700 K – 1.100 M T. expected

Weekly Soybean Crop Condition & Progress – 54% GE (unch) vs. 53% expected vs. % year ago – Blooming – 82% vs. 93% 5-year average – Setting Pods – 54% vs. 76% 5-year average

USDA Soybean Report – Planted acres 4.3 million less than expected – Harvested acres 4 million acres less than expected – Yield 0.9 bpa higher than expected – Production 280 million bu. less than expected – US carryout 66 million bu. less than expected – World carryout 3.03 M T. less than expected

On the surface the soybean data from the USDA was friendly. Initially the soybean market broke with the feed grains, tried to rally and then sold off again when it became apparent the feed grain market was going to stay depressed for the balance of the day. Despite the soybean numbers coming in less than expected there is still nothing friendly to a 755 million bu. carryout. Let’s see if the support that was established last week is any good

Daily Support & Resistance for 08/13

Nov Soybeans: $8.70 – $8.86

Dec Soybean Meal: $295.0 – $302.5

Dec Soybean Oil: $29.40 – $30.50

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.