Soybeans Rally Back to the Scene of the Crime
Soybeans
Fundamentals: All eyes will be on tomorrow’s USDA report. The range of estimates for planted acres is 89.2-92.4 million, the USDA was at 91.0 in March. The average estimate for US soybean ending stocks as of June 1 is .954 billion bushels. Last year at this time we were at .769.
Technicals (August): The market has rallied back to our resistance pocket, which we labeled in yesterday’s report as 1560-1566. This pocket represents the secondary breakdown point from last week. If the Bulls can chew through this pocket, we could see a further extension take us into the mid 1590’2, which is the original scene of the crime, aka breakdown point from June 22nd. This would also be near a psychologically significant level, 1600. If these levels can hold, they would mark lower highs. We would be looking at bearish positioning at these levels if they can hold.
Bias: Neutral/Bearish
Previous Session Bias: Neutral/Bearish
Resistance: 1560-1566***, 1592-1597***
Pivot: 1533 ½
Support: 1494 ¾-1500****, 1451*
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: All eyes will be on tomorrow’s USDA report. The range of estimates for planted acres is 89.2-92.4 million, the USDA was at 91.0 in March. The average estimate for US soybean ending stocks as of June 1 is .954 billion bushels. Last year at this time we were at .769.
Technicals (August): The market has rallied back to our resistance pocket, which we labeled in yesterday’s report as 1560-1566. This pocket represents the secondary breakdown point from last week. If the Bulls can chew through this pocket, we could see a further extension take us into the mid 1590’2, which is the original scene of the crime, aka breakdown point from June 22nd. This would also be near a psychologically significant level, 1600. If these levels can hold, they would mark lower highs. We would be looking at bearish positioning at these levels if they can hold.
Bias: Neutral/Bearish
Previous Session Bias: Neutral/Bearish
Resistance: 1560-1566***, 1592-1597***
Pivot: 1533 ½
Support: 1494 ¾-1500****, 1451*
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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