Soybeans had bullish news from the USDA crop report, bullish news about Russia/Ukraine war, but a lack of bullish news on Thursday through today has pushed prices back down towards uptrend support.
Very similar to our discussion with corn, the market needs to find support and get some bullish news or risk potentially coming down into these multiple lows between 13.56-13.76.
Last year the USDA crop estimate from August to September went up from 50 to 50.6 and then to 51.5 in October.
This year USDA lowered the yield from 51.9 in August to 50.5 in September and there is some concern that we could reduce the yield further in October.
Last year an increasing crop gave us weaker prices as we headed towards harvest, this year a declining crop has prices increasing.
Soybean prices also in an uptrend off the lows posted in July at 12.88.
Last week we posted new highs for the move at 15.08 touching the spike high we reached in early July.
This leaves overhead resistance at the 15.08 level and char support somewhere between 14-14.35.
Todays close at 14.61 is close to the middle of our recent range.
Soybean prices exploded to the upside on bullish news from USDA yesterday and we saw follow through to the upside this morning.
Taking prices to 15.08 and nearly matching the spike highs from early July.
Unfortunately, prices did pull back and we closed lower on the day at 14.78, so we did close 30 cents off the daily high. A combination of harvest pressure and lower outside markets could give us a harvest break with chart support likely coming into play in the 14.10-14.25 range
Soybean prices had a nice rally early in the day, it looked like we were going to have somewhat of a upside reversal.
But we turned around and closed somewhat lower making a new low for the move, that kept the overall trend in soybeans a downtrend.
Soybean prices had a disappointing day on the chart closing sharply lower indicating some short-term topping action.
Chart support down around the 14.15-14.25 area and that would be about 15 cents below where we closed today
Soybean prices took out the highs posted earlier this month at 14.64, that keeps the uptrend intact.
The higher trend in beans combined with technical indicators tells us there is no sign of topping action.
The next level of overhead would be 14.89 and that’s about 25 cents above where we closed today.
Soybean prices look similar to corn, and they moved higher today making and high for this move over the last week or so.
The overall chart looks good, moving averages are lining up and crossing over the 40 day, and the only hick up we are coming close to overhead resistance from the downtrend line that’s been in place off of the June highs.
The current trend is up and that’s enough to have the technical turn up as well.
Overhead resistance lying close to 14.50, 15 cents above todays close.