Soybean Fundamentals (
ZSF2024)
Soybean Harvest Progress 🚜➡️🌱
▓▓▓▓▓▓▓▓▓▓▓▓░░░ 85%
Export Inspections 🚢➡️🌎
1,890,227 Metric Tons
⬇️ 735,466 Metric Tons week vs. last week
⬇️ 1,030,191 Metric Tons this week vs. this week last year
⬇️ 372,103 Metric Tons this week vs. 5-year average
Export Sales
22,259,064 Metric Tons (Cumulative, Current Marketing Year)
⬇️ 8,264,993 Metric Tons this week vs. this week last year
Noteworthy News / Themes
🟢 Crush margins have re-bounded significantly due to the rally in Soybean Meal
🔴 It is still notably dry in Argentina and planting should be starting in full swing
🟢 US River levels have improved on the Mississippi river (barge freight down)
Soybean Technicals
Overall quite the sideways market with conflicting trends - one up and one down, with an inflection point coming up soon. Regardless, from a technical point of view, there is no trade in the middle of the range until any of the following levels get breached.👇
🟢 Upside Target: 13.31
🔴 Downside Targets: 12.97, 12.70
ZSF2024)Soybean Harvest Progress 🚜➡️🌱
▓▓▓▓▓▓▓▓▓▓▓▓░░░ 85%
Export Inspections 🚢➡️🌎
1,890,227 Metric Tons
⬇️ 735,466 Metric Tons week vs. last week
⬇️ 1,030,191 Metric Tons this week vs. this week last year
⬇️ 372,103 Metric Tons this week vs. 5-year average
Export Sales
22,259,064 Metric Tons (Cumulative, Current Marketing Year)
⬇️ 8,264,993 Metric Tons this week vs. this week last year
Noteworthy News / Themes
🟢 Crush margins have re-bounded significantly due to the rally in Soybean Meal
🔴 It is still notably dry in Argentina and planting should be starting in full swing
🟢 US River levels have improved on the Mississippi river (barge freight down)
Soybean Technicals
Overall quite the sideways market with conflicting trends - one up and one down, with an inflection point coming up soon. Regardless, from a technical point of view, there is no trade in the middle of the range until any of the following levels get breached.👇
🟢 Upside Target: 13.31
🔴 Downside Targets: 12.97, 12.70
Note
13.30 Target reached ✅Bigger question is if we broke out to the upside.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.