July meal experienced an impressive rally off of Thursday's low but hit significant resistance at 442.10 yesterday, and closed lower.
Read MoreMay soybeans remain in a consolidation just under the three highs from December, January, and February 13 right near 1545. Close in support is at 1511 1/2 and 1503 1/4, with 1554 3/4 and 1572 3/4 as next swing targets if the triple highs are taken out.
Read MoreJuly soybean support comes in at 16.67 3/4 and 16.47 1/4, with 17.04 1/2 as near term resistance. A close through resistance would leave 17.63 1/2 as next upside target.
Read MoreThe report news was bearish across the board, with stocks up near the high end of trade expectations and planted area above the average estimate and at a record high.
Read MoreIf the market extracts the war premium, the focus will return to normal fundamentals.
Read MoreImproving weather conditions for South America, a bearish technical set up from recent technical reversals, and the overbought condition of the market leaves it vulnerable to additional long liquidation selling.
Read MoreThe report news was mostly neutral and with the bullish weather forecast, buyers could remain active.
Read MoreWhile the market is extremely overbought, the continued steep uptrend in open interest suggests that fund traders are still aggressive buyers.
Read MoreWith the tightening world stocks situation and a significant weather threat for the next week, the market looks vulnerable to a further advance.
Read MoreUS soybean crush for November was 190.50 million bushels for a daily crush pace was 6.35 million bushels.
Read MoreThe dry weather in South America will likely be the driving force for a continued advance over the near term but 7-days straight leaves the market in an overbought status.
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