🌱 Soybean Technical Analysis (GrainStats)
Updated
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.
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