Poor Export Sales May Halt The Soybean Rally Soybeans
Fundamentals: This morning’s weekly export sales report showed net sales of 111,600 MT for 2021/2022--a marketing-year low--were down 60 percent from the previous week and 77 percent from the prior 4-week average. Net sales of 284,000 MT for 2022/2023.
Technicals: Soybeans have been all over the map in the list five sessions, averaging a daily range of 52 cents. Yesterday’s move out above our pivot pocket from 1695 ½-1700 opened to door for an extension to our next resistance pocket, 1734-1741 (yesterday’s high was 1740 ¾). The very recent trend has been a day of “consolidation” after a big move (like we saw yesterday). From a risk/reward perspective, we don’t mind leaning on the short side so long as resistance is defended ahead of the weekend.
Bias: Neutral
Previous Session Bias: Neutral
Resistance: 1734-1741***, 1750**
Pivot: 1695 ½-1700
Support: 1673-1679 ½***, 1665 ½-1673 ¾****, 1605**
