Soybeans Drift Sideways Until Trade Agreement

Soybean Futures---Soybean futures in the July contract is currently at 9.02 a bushel down 2 cents slightly lower for the 3rd straight trading session.

There is so much uncertainty about this commodity at this time and that is why prices really have gone sideways over the last several months due to the fact that we still don't have an agreement with China on trade & until that situation comes about we probably drift sideways.

Spring planting will start in the month of May as we've already experienced massive floods in the states of Nebraska and Iowa, however that will have no impact on soybean prices at this time.

Soybeans are still trading slightly below their 20 and 100 day moving average as the volatility remains extremely low, but that situation is going to change quickly as a weather market could develop such as a drought or even floods in the month of May or June as that has happened in prior years.

Estimated acres are between 83 / 85 million as we will not produce a record crop this year and if some type of drought develops you could see a bullish trend ignite quickly.

TREND: LOWER---MIXED

CHART STRUCTURE: SOLID

VOLATILITY---LOW

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