August Soybeans closed 2 ¾ cents higher ($8.60 ¾), Sept 2 ½ cents higher ($8.66) & Nov 2 ½ cents higher ($8.75 ¾)
August Soybean Meal closed $1.1 higher ($330.0), Sept $1.4 higher ($329.4) & Dec $1.8 higher ($328.5)
August Soybean Oil closed 17 pts higher ($28.41), Sept 17 pts higher ($28.51) & Dec 24 pts higher ($28.82)
Weekly Soybean Export Sales – old crop vs. 200-400 K T. expected – new crop vs. 200-500 K T. expected
Weekly Soybean Meal Export Sales – old crop vs. 50-175 K T. expected – new crop vs. 0-100 K T. expected
Weekly Soybean Oil Export Sales – old crop vs. 8-25 K T. expected – new crop vs. 0-15 K T. expected
The soybean complex went quiet on Wednesday as the trade is trying to figure out the ramifications/implications of the announced Aid Package as many details have yet to be listed. It was announced this afternoon that an accord has been reached with the European Union. Part of that accord was the EU saying they would buy more US soybeans. I have think that could give a bit of boost to the soybean market. What kind of a boost – maybe a challenge of the $9.00 level.
No changes are being seen with the interior soybean bids. Processors still show the best bids. Board crush margins saw minor increases in the old crop while the new crop margins saw decent improvement. Gulf bids for bids are showing slight improvements but I have to think that may be part of the logistical problems happening at southern Illinois. Soybean spreads ran mostly steady on the day. Offers to sell cash meal are running unchanged; not much happening with the interior offers while export offers are staying firm. Meal spreads had a bit of bearish bias on the day.
Despite what I saw as a slow day the bean market is holding on to its rally. The meal market continues to hold support with an ever so slight buy signal. Bean oil breaks out of its upflagging effort to the topside. All of the price action after Wednesday suggests the complex as a whole wants to try and go higher.
Daily Support & Resistance for 07/26
Nov Soybeans: $8.65 – $8.85 ($9.00)
Dec Soybean Meal; $325.0 – $334.0
Dec Soybean Oil: $28.50 – $29.40
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.