Crop Conditions Decline
Soybeans
Fundamentals: Yesterday’s weekly export inspections came in at 362,622 metric tons, roughly 4,000 more than last week. The weekly Crop Progress report showed good/excellent conditions at 61%, 1% lower than last week. 48% of the crop is blooming.
Technicals: August soybean futures ran up into our congestion pocket yesterday, which we had listed as 1513 ¼-1516 ½. The market was unable to get out above this pocket which led to some profit taking into the close. That profit taking has continued into the overnight and early morning trade, as prices retreat to give back all of yesterday’s gains. The 200-day moving average has acted as good support over the last two-weeks, we will see if it holds again. That comes in at 1466 ¼. As with corn, our bias remains Neutral as we see short term opportunities for participants on both sides of the market.
Bias: Neutral
Previous Session Bias: Neutral
Resistance: 1513 ¼-1516 ½***, 1530-1538***, 1552 ¾-1560***
Pivot: 1495-1505
Support: 1466 ¼**, 1444-1452**, 1413 3/4-1424 1/4***, 1400-1403****
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Fundamentals: Yesterday’s weekly export inspections came in at 362,622 metric tons, roughly 4,000 more than last week. The weekly Crop Progress report showed good/excellent conditions at 61%, 1% lower than last week. 48% of the crop is blooming.
Technicals: August soybean futures ran up into our congestion pocket yesterday, which we had listed as 1513 ¼-1516 ½. The market was unable to get out above this pocket which led to some profit taking into the close. That profit taking has continued into the overnight and early morning trade, as prices retreat to give back all of yesterday’s gains. The 200-day moving average has acted as good support over the last two-weeks, we will see if it holds again. That comes in at 1466 ¼. As with corn, our bias remains Neutral as we see short term opportunities for participants on both sides of the market.
Bias: Neutral
Previous Session Bias: Neutral
Resistance: 1513 ¼-1516 ½***, 1530-1538***, 1552 ¾-1560***
Pivot: 1495-1505
Support: 1466 ¼**, 1444-1452**, 1413 3/4-1424 1/4***, 1400-1403****
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
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