The soybean market has been to the upper end and lower end of the range carved out over the last 3-4 months.
Right now, the soybean market has turned upwards, the trend is up, and that’s based on strong exports which are reducing U.S. stock.
Technical indicators are still pointed upward.
Soybean prices are in a solid uptrend off the lows posted 1.5 weeks ago and technical indicators are pointed up as well.
No signs of topping action and a little friendly news could allow soybeans to test the upper end of the trading channel that’s been in place since February.
Soybean prices also in a choppy sideways mode, right now prices are working higher within that sideways range.
Technical indicators look good but today was a disappointing day.
Chart support was right at mid-range in the sideways channel.
The soybean market has been in a choppy sideways range for a while now.
The short-term trend is up, and today’s prices closed with a significant gain. The technical indicators look good with no sign of topping action.
Our current crop year is at 235, down 25 million bushels from last month and it is above last year’s ending stocks of 257.
Next year USDA is projecting stocks will increase to 310 million bushels.
Even though stocks are projected to be higher next year this estimate at 310 was below the average trade guess.
Soybean prices look very good on a chart exploding to the upside recently.
Beans have rallied 73 cents off of Mondays low and the technical indicators have turned nicely.
We have now achieved our first objective at 16.50-16.60, which is mid-range on our price chart and where the 20- and 40-day moving average comes in to play.
If we get friendly news next week, we could expect prices to attack the upper half of the range.
Soybean is turning a corner for the moment in the nearby July chart, and it has turned the technical indicators up as well.
The next objective that we see is the 16.50-16.60 range, that’s the middle of our range and the moving averages come into play.
Another 30-40 cents shouldn’t be ruled out based on charts and technical formations.
Soybean prices also stabilized yesterday and rallied today; this made the chart looks better as well as the technical indicators turning higher.
The chart and technical indicators could be indicating some additional upside potential provided we don’t get any bearish surprises from the USDA crop report tomorrow.