🌱 Soybean Technical Analysis (GrainStats)

31 Eki 2023

Soybean Fundamentals (ZSF2024)

Soybean Harvest Progress 🚜➡️🌱

▓▓▓▓▓▓▓▓▓▓▓▓░░░ 85%

Export Inspections 🚢➡️🌎

1,890,227 Metric Tons
⬇️ 735,466 Metric Tons week vs. last week
⬇️ 1,030,191 Metric Tons this week vs. this week last year
⬇️ 372,103 Metric Tons this week vs. 5-year average

Export Sales

22,259,064 Metric Tons (Cumulative, Current Marketing Year)
⬇️ 8,264,993 Metric Tons this week vs. this week last year

Noteworthy News / Themes

🟢 Crush margins have re-bounded significantly due to the rally in Soybean Meal
🔴 It is still notably dry in Argentina and planting should be starting in full swing
🟢 US River levels have improved on the Mississippi river (barge freight down)

Soybean Technicals

Overall quite the sideways market with conflicting trends - one up and one down, with an inflection point coming up soon. Regardless, from a technical point of view, there is no trade in the middle of the range until any of the following levels get breached.👇

🟢 Upside Target: 13.31
🔴 Downside Targets: 12.97, 12.70

3 Kas 2023

Not

13.30 Target reached ✅

Bigger question is if we broke out to the upside.