Soybeans Trade to New LowsSoybeans
Technicals (November)
As with corn, November soybeans were on the verge of a breakout move in the middle of last week's trade, but ultimately failed on Friday which has spilled into weakness and new lows in the early morning trade. Despite trading roughly 50 cents off Friday's high, the daily RSI is not yet registering as "oversold". Minor support near 1025 is still holding this morning, but a failure there and a drop to the psychologically significant $10.00 handle wouldn't be out of the question. 1046-1050 is the hurdle the Bulls want to get back out above to help repair some of the damage that has taken place over the last two trading sessions.
Friday's Commitment of Traders report showed funds were net buyers of roughly 17k futures and options contracts through July 23rd, 90% of which was short covering. That shrunk their net short position to 163,659 futures and options contracts. Broken down that is just 59,942 longs VS 223,601 shorts.
Bias: Neutral
Resistance: 1061 1/2-1062 3/4***, 1085 1/2-1087**
Pivot: 1046-1050
Support: 1025-1031 3/4**, 1000**
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