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


Wheat, corn and soybeans covered daily and get first access when you subscribe to IFG Edge, our exclusive home for market commentary. Visit: for a free 30-day trial; Includes our morning call, exclusive reports, and more.


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

Learn more about International Futures Group at

The risk of trading futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not indicative of future results.