Soybean Market - Just My Opinion

Not much of trade in soybeans today; just an 8 cent range. What stood out was the complexs inability to show any follow through buying from Wednesdays rally. Weekly soybean export sales were at the low end of expectations. Soybean meal sales were nothing special. Bean oil sales were considered bearish especially in light of Wednesdays rally. Weather in SA for the time being appears conducive to crop progress/production. Informa is suggesting soybean acres for next year will decline by 600 K acres.

The interior soybean basis, for the most part, continues to show a steady to higher bias. I did see a couple of locations ease some from recent strength but these had been locations that have recently shown an aggressive stance for soybean origination. The Gulf is stable at best. Soybean spreads ran fractionally easier within the crop year. Old crop continues to have bearish look in relation to the new crop.

Soybean charts have a bearish look to them. The last couple of days of price action(upflagging) appear to be marking time before resuming the lower trend. Soybean meal is in a minor sideways but unable to distance itself from what I feel is sell stop territory. The 1 day rally in bean oil was stopped dead in its tracks at the low side of the up channel it broke down out of 3 days ago. Overall things are not looking too spiffy for the soybean complex.

Daily Support & Resistance for 11/17

March Beans: $9.75 - $9.90

Dec Meal; $309.0 ($305.0) - $315.0

Dec Bn Oil: $34.00 - $34.90

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