SOYBEANS– Soybeans continued to sell-off today following the disappointing China meeting. The July and November soybean charts are starting to look ugly. I expect next week to show more weakness. The 1160 area is where soybeans consolidated previously. If soybeans fail to find support there, or above, the market may be headed much lower. Argentina’s harvest is more than halfway …
Soybeans Break Lower Following Trump’s China Visit
SOYBEANS– Soybeans started to break lower in the overnight session after no major additional Chinese soybean purchases were announced. Secretary Bessent did say that soybeans “all taken care of,” however the market continued trading lower during today’s session. Today’s export report showed sales of 102k mt. Soybeans can continue to trade lower from here, especially if more acreage is added. …
Wheat Closes Lower After Yesterday’s Rally
SOYBEANS– Soybeans were able to finish the day positive after trading 2 ¾ cents higher in the overnight session. Soybeans rallied following yesterday’s WASDE report that showed a reduction in ending stocks. The new crop ending stocks figure at 310 mb is using the 84.7 planted acreage number from the March Plantings report, so acreage will likely increase at least …
Wheat & Soybeans Rally Following the May WASDE Report
SOYBEANS– Soybeans had a bullish reaction to today’s crop report. July beans made a high at 1232 ¾ after the report came out, while November beans made a high at 1210. Old crop ending stocks were reduced from 350 mb last month to 340 mb. The average estimate for old crop ending stocks pre-report was 345 mb. New crop ending …
The Grains Rally Ahead of the May WASDE
SOYBEANS– Soybeans were able to finish the day higher after trading 13 ¼ cents higher in the overnight session. The market will be watching to see what the USDA does with acreage. Many are expecting to see an increase in bean acreage because farmer surveys were completed before the fighting in Iran kicked off, in addition to farmer switching because …
Soybeans Trade Higher Ahead of the China Meeting Next Week
SOYBEANS– Soybeans finished the day higher after trading close to unchanged in the overnight session. The meeting between President Trump and China is scheduled for Thursday and Friday next week. I feel that that the market has a chance to break lower and it will be up to Trump to get a deal. Brazil’s exports have been very strong. China …
The Grains Trade Lower on Thursday
SOYBEANS– After making a low at 1182 ½ July beans rallied back finishing 3 ¾ cents lower. Soybean exports were disappointing this morning. Exports came in below the range of estimates at 141k mt. Exports will need to average 170k mt to hit the USDA forecast. Crude oil was below 90 this morning but is now closer to 100. The …
The Grains Trade Lower on Wednesday
SOYBEANS– Soybeans continued their move lower after selling off yesterday. Soybean meal lost the trendline supported mentioned yesterday. The next level of support for July meal is 311. Crude oil breaking lower has dragged the grains down with it. Soybeans likely have a lot of room to move lower, especially if the China meeting fails to create new demand. It’s …
The Grains Trade Lower on Tuesday
SOYBEANS– Soybeans traded lower on the day after yesterday’s move higher. Planting is 33% complete, with emergence at 13%. Illinois is leading the Midwest at 46% planted. StoneX raised their forecast for Brazil’s production to 181.6 mmt, a 1% increase from the prior estimate. Soybean oil still looks very strong, but soybean meal is at key trendline support. November beans …
Soybeans Rally on Monday
SOYBEANS– Soybeans traded sharply higher on the day after a 6 ½ cent gain in the overnight session. Soybean oil continues to be supported by higher crude oil prices. The July soybean meal chart is looking tight and may be getting ready for a new leg higher. Beans are starting to get expensive again. The high in March was 1250 …