Soybeans - Just My Opinion

May Soybeans closed 2 cents higher ($9.06), July 2 cents higher ($9.19.5) & Nov 2 cents higher ($9.40.25)

May Soybean Meal closed $1.0 higher ($310.8), July $0.8 higher ($314.3) & Dec $1.1 higher ($320.6)

May Soybean Oil closed 20 pts higher ($29.24), July 20 pts higher ($29.56) & Dec 20 pts higher ($30.27)

Weekly Soybean Export Sales old crop vs. 600 k 1.600 M T. expected new crop vs. 0-150 K T. expected

Weekly Soybean Meal Export Sales old crop vs. 150-400 K T. expected new crop vs. none expected

Weekly Soybean Oil Export Sales old crop vs. 8-30 K T. expected new crop vs. none expected

It was a quiet day of trading within the soybean complex; barely a 7 cent range in soybeans, a $3.0 range in soybean meal and just 20 pt range in soybean oil. Ill grant none of the news that was available was that supportive especially the double-talk out of the WH. So why was the complex slightly higher on the day; because they couldnt sustain the sell off when they tried to break it earlier in the day (it was that slow of a day).

The soybean processor basis stands in. River bids tumble as does the Gulf. Soybean spreads ran steady out to January; after January fractional bull spreading was noted. Offers to sell cash soybean meal in the interior run mostly steady on the day. Gulf offers creep up a bit citing slow delivery of the product. Meal spreads saw fractional improvements on the day.

Whats the best advice I can give the soy complex trader go find something else to trade (this statement could be a cincher for bigger move in the near term). I have a hard time with the soybean trade as all it does is either edge easier or edge higher; Im not good with edging markets. Looking at the charts May beans are still trying to suggest the potential for higher prices as is the meal market; soybean oil still looks like it wants to move lower to see whats below the $29.00 level.

Daily Support & Resistance for 03/21

May Soybeans: $8.97 - $9.15

May Soybean Meal: $308.0 315.0

May Soybean Oil: $28.90 - $29.70

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QUESTIONS ABOUT THIS REPORT OR THE MARKETS?

Contact me! Tom Fritz, Agricultural Market Analyst at 1.800.786.4475.

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