๐ฑ Soybean Technical Analysis (GrainStats)
ืืขืืืื
Soybean Fundamentals (
ZSF2024)
Soybean Harvest Progress ๐โก๏ธ๐ฑ
โโโโโโโโโโโโโโโ 85%
Export Inspections ๐ขโก๏ธ๐
1,890,227 Metric Tons
โฌ๏ธ 735,466 Metric Tons week vs. last week
โฌ๏ธ 1,030,191 Metric Tons this week vs. this week last year
โฌ๏ธ 372,103 Metric Tons this week vs. 5-year average
Export Sales
22,259,064 Metric Tons (Cumulative, Current Marketing Year)
โฌ๏ธ 8,264,993 Metric Tons this week vs. this week last year
Noteworthy News / Themes
๐ข Crush margins have re-bounded significantly due to the rally in Soybean Meal
๐ด It is still notably dry in Argentina and planting should be starting in full swing
๐ข 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.๐
๐ข Upside Target: 13.31
๐ด Downside Targets: 12.97, 12.70
ZSF2024)Soybean Harvest Progress ๐โก๏ธ๐ฑ
โโโโโโโโโโโโโโโ 85%
Export Inspections ๐ขโก๏ธ๐
1,890,227 Metric Tons
โฌ๏ธ 735,466 Metric Tons week vs. last week
โฌ๏ธ 1,030,191 Metric Tons this week vs. this week last year
โฌ๏ธ 372,103 Metric Tons this week vs. 5-year average
Export Sales
22,259,064 Metric Tons (Cumulative, Current Marketing Year)
โฌ๏ธ 8,264,993 Metric Tons this week vs. this week last year
Noteworthy News / Themes
๐ข Crush margins have re-bounded significantly due to the rally in Soybean Meal
๐ด It is still notably dry in Argentina and planting should be starting in full swing
๐ข 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.๐
๐ข Upside Target: 13.31
๐ด Downside Targets: 12.97, 12.70
ืืขืจื
13.30 Target reached โ
Bigger question is if we broke out to the upside.
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