Tag Archives: Soymeal

Soybeans: Yield Reports From the Field Showing Better Than Expect

by on October 27, 2011

Below is a sample of The Hightower Report’s Daily Commentary. To get this comment, and our daily coverage of 15 additional markets and trade ideas, visit futures-research.com for your free 2 week trial!

NEAR-TERM MARKET FUNDAMENTALS: Ideas that the break was overdone yesterday plus the sharp break in the US dollar to the lowest level since February 7th plus a surging stock market are all seen as positive forces to start the sessions today. Rumors that a large brokerage firm may need to exit long positions in grains, livestock and energy markets if the firm needs to be sold helped to keep pressure on the market late in the session yesterday with November soybeans closing near the lows despite a jump in equity and metal markets. Long traders appeared to be stepping aside due to more volatile trade in financial markets into the EU meetings on the debt crises and this sparked fund trader selling in a wide range of industrial and agricultural commodity markets. Traders indicated good weather for the planting season in South America and concerns for slower than expected US soybean exports ahead as negative factors. Many traders are pushing export forecasts down by 50-75 million bushels due to recent sluggish demand and indications that South America is still an active exporter this late in their season. There were rumors yesterday that China bought a few cargoes from Brazil for December through February shipment which added to the negative export forecast ideas. Brazil is typically out of soybeans at this time of the year with most of the business moving to the US. In addition, commercial traders indicate that Europe has bought no new crop soybeans yet. Weak crush margins have added to the negative tone. Sunflower meal from the Black Sea region is selling at a stiff discount to soymeal. Wet weather for the Eastern Corn Belt was seen as slowing the tail end of the harvest. December oil closed at the lowest level since October 10th. For the weekly export sales report this morning, traders see soybean sales near 800,000 tonnes and meal near 150,000 tonnes.

TODAY’S GUIDANCE: Yield reports in recent weeks have shown as many “better than expected” surprises as compared with disappointment. We have to believe that there is a possibility that the November estimate is raised slightly. If yield is up, South America supply still high, demand sluggish and next years acreage and yield move higher, one could see a significant jump in ending stocks for this year and next. Slow producer selling and supportive outside markets are short-term positive forces but the market looks vulnerable to more weakness ahead.

TODAY’S MARKET IDEAS: The close under 1226 3/4 for January soybeans soured the technical picture and the bulls need to see a close over 1254 1/2 to expect a more significant recovery bounce off of the lows. Resistance comes in at 1245 1/2 and 1254 1/2, with 1219 1/2 and 1209 1/2 as support. A resumption of the downtrend would leave 1117 1/2 as an objective. Outside market forces look powerful today and sellers may want to hold off for now.

Soybeans: Short-Term Rally

by on October 19, 2011

Below is a sample of The Hightower Report’s Daily Commentary. To get this comment, and our daily coverage of 15 additional markets and trade ideas, visit futures-research.com for your free 2 week trial!

NEAR-TERM MARKET FUNDAMENTALS: From April to early October, November soybeans moved from a 5 cent carry to a 12 cent carry and it took only a few days to see the bull spread move back to 5 under. The bull spreads were a feature of the session yesterday as traders see strong cash basis levels and a lack of producer selling during harvest as a signal that the flat price or the spreads may need to move to a higher level to attract selling from producers. With news of the re-stocking activities in China, many traders have adjusted their China total import estimates to near 58 million tonnes from 56.5 million posted in last week’s supply/demand update. In addition to a smaller crop in China, the National Grains and Oils Information Centre in China believes that crushing capacity in China will jump to 125 million tonnes for 2012, up 12.5 million tonnes. As a result, demand could be on the rise. Weaker crush margins in the US and fears of low protein content have supported bull spreads in meal as well. Crush margins have also weakened in China and Europe so some traders see sluggish demand for soybeans in the short-term. November soybeans closed slightly lower on the session yesterday but up sharply from the early lows. The market was down sharply early due to perceived weak data regarding the China economy and poor economic news from Europe. With gold, silver and energy markets down sharply, traders expected aggressive selling from fund traders but a recovery in the US stock market helped support a strong recover from the early lows. The soybean harvest is 69% complete compared to 51% last week and 81% last year and traders mentioned harvest pressures as another negative force. However, a lack of producer selling during the active harvest season has helped to provide some support as cash basis levels are improving. Weekly export inspections came in at 45 million bushels which was well above trade expectations and compares with 28.1 million necessary each week to reach the USDA projection for the year. The solid recovery in the stock market and in energy markets plus a move higher on the day for corn were seen as the primary reasons for the strong close.

TODAY’S GUIDANCE: The lack of producer selling suggest higher trade just ahead in order to get more soybeans in commercial hands. This mostly provides underlying support as basis and spreads could also invoke new selling from producers.

TODAY’S MARKET IDEAS: Look for a rally short-term but we remain concerned with outside forces so consider smaller objectives and tighter risks on traders in the short-term.

Soybeans: Harvest Pressures Next Week and Fund Selling This Week; Oversold?

by on September 23, 2011

Below is a sample of The Hightower Report’s Daily Commentary. To get this comment, and our daily coverage of 15 additional markets and trade ideas, visit futures-research.com for your free 2 week trial!

NEAR-TERM MARKET FUNDAMENTALS: Outside market forces remain weak as hedge funds from around the world seem to be exiting the “commodities” play with a focus on the deflationary aspects of actions in Europe and the US. Fund traders were active sellers yesterday to drive the market sharply lower and the selling continued overnight to drive November soybeans down to the lowest level since March 16th. November soybeans are now down as much as $2.15 in just 16 trading sessions or 14.7% off of the highs. Sharp losses in Asian and European stock markets plus a collapse in energy and metal markets sparked an aggressive long liquidation selling trend from speculators. Poor news for China manufacturing seemed to spark the global economic fears yesterday after traders saw little help from US monetary policy. The USDA confirmed a daily sale of 180,000 tonnes of US soybeans to China yesterday and the weekly sales came in about as expected at 404,400 metric tonnes. This pushed cumulative sales to 39.6% of the USDA forecast versus a 5 year average of 36.4%. Sales of 458,000 metric tonnes are needed each week to reach the USDA forecast. Meal sales were better than expected showing cancellations of 21,200 metric tonnes for the current marketing year and 197,100 for the next marketing year for a total of 175,900. Sales of 120,000 metric tonnes are needed each week to reach the USDA forecast. Oil sales were below expectations showing cancellations of 8,400 metric tonnes for the current marketing year and 10,900 for the next marketing year for a total of 2,500. India vegetable oil imports for the season beginning November are expected to be near 9 million tonnes due to rising consumption. Imports for the current season as expected near 8.2 to 8.5 million tonnes. November soybeans have lost as much as $1.05 1/2 for the week and short-term technical indicators are showing oversold readings. Speculative long liquidation selling, fears of increased harvest selling pressures ahead plus ideas that China is buying more Brazil than US soybeans during a time frame which is normally US dominated are seen as negative forces.

TODAY’S GUIDANCE: While the stocks report next week or the October 12th production report could be supportive news, the short-term focus is on outside market forces and short-term supply does not seem tight enough to offer much of an offset to the liquidation selling trend. November soybean resistance is at 1282 with 1212 as next technical objective.


Soybeans: USDA Report to Set This Week’s Tone

by on September 12, 2011

Below is a sample of The Hightower Report’s Daily Commentary. To get this comment, and our daily coverage of 15 additional markets and trade ideas, visit futures-research.com for your free 2 week trial!

NEAR-TERM MARKET FUNDAMENTALS: The results of the USDA crop production and supply/demand report will set the tone for the market today and maybe for much of the week. Traders see US soybean production near 3.025 billion bushels from 3.056 billion last month and 3.329 billion last year. Yield is expected near 41 from 41.4 bu/acre last month and new crop ending stocks at 152 million bushels from 155 million last month and 230 million for the season which just ended. November soybeans closed 8 1/2 cents higher on the session Friday but down 19 cents for the shortened week. More talk of the potential for frost in the northern Corn Belt this week helped to support the market but this morning traders see potential frost just in the far northern sections of the plains and Midwest while others see potential damage to soybeans for Northern Iowa, southern Wisconsin and to northern Ohio later this week. Weakness in outside market forces on growing concerns for European debt issues helped to limit the buying support on Friday and may help pressure the market today; depending on the results of the USDA reports. Weekly export sales for soybeans came in at 444,900 metric tonnes which was near trade expectations. As of September 1st, cumulative soybean sales stand at 37.6% of the USDA forecast for 2011/2012 (current) marketing year versus a 5 year average of 32.2%. Sales of 455,000 metric tonnes are needed each week to reach the USDA forecast. However, private exporters reported the cancellation of 240,000 tonnes of US soybeans to China. Meal sales came in showing cancellations of 24,500 metric tonnes for old crop and 172,500 for new crop for a total of 148,000 which was near the high end of expectations. Net oil sales came in at 5,900 tonnes, all for new crop. The Commitments of Traders reports as of September 6th showed Non-Commercial traders were net long 180,210 contracts, a decrease of 3,759 contracts for the week. Non-Commercial and Nonreportable combined traders held a net long position of 173,961 contracts, down 2,779. The selling trend is seen as a short-term negative force. For meal, Non-Commercial traders were net long 57,564 contracts, an increase of 9,824 contracts for the week. Non-Commercial and Nonreportable combined traders held a net long position of 75,535 contracts, up 7,957. The aggressive buying trend from speculators is seen as a short-term positive force. For oil, Non-Commercial traders were net long 43,885 contracts, an increase of 948. Non-Commercial and Nonreportable combined traders held a net long position of 54,140 contracts, up 1,817. China confirmed imports of soybeans in August at 4.51 million tonnes, down 5% from last year and down 16% from July. For the year, imports reached 33.58 million tonnes, down 5.5% from the previous year.

TODAY’S GUIDANCE: On bullish news, a move over 1143 1/4 resistance should be enough to confirm a resumption of the uptrend with 1486 3/4 as next target. On bearish news, support emerges at 1395 and 1373 1/2.

SOYBEANS: Weather Mixed to Positive; Lower Yield than August USDA?

by on August 29, 2011

Below is a sample of The Hightower Report’s Daily Commentary. To get this comment, and our daily coverage of 15 additional markets and trade ideas, visit futures-research.com for your free 2 week trial!

NEAR-TERM MARKET FUNDAMENTALS: The market saw an impressive upside break-out on Friday and with a positive tilt to outside markets, more buying emerged overnight to support sharply higher trade and a move to the highest level since June for nearby futures. Traders see dryness concerns for central Illinois and southern Minnesota as short-term supply factors which might be causing declining yield estimates from traders. Traders see another 1-2% decline in crop ratings for tonight’s weekly update. The rally overnight was especially impressive given the crop tour results from Friday afternoon. In the annual Pro Farmer crop tour, the average soybean yield estimate came in at 41.8 bu/acre as compared with the USDA estimate from the August report at 41.4. If we plug in this yield estimate and leave all the other numbers unchanged, ending stocks come in at 185 million bushels with a stocks/usage of 5.9%. This is up from the USDA August estimate of 155 million bushels. The tour did note that good rains would be necessary to support the higher yields and this is certainly in question. Rain events look active in the next ten days in the northern Corn Belt and in the southern sections of the Corn Belt and the northern delta but limited rains for the central part of the Midwest could keep crops in dry areas under stress. A sharp set-back in corn production this year might spark better demand for meal and December meal matched the March 31st contract high on Friday and surged to new contract highs this morning. The Commitments of Traders reports as of August 23rd showed Non-Commercial traders were net long 129,790 contracts for soybeans, an increase of 50,535 contracts in just one week. Commodity Index traders held a net long position of 164,046 contracts, up 3,470. The aggressive buying trend from fund traders is seen as a positive short-term force. For Meal, Non-Commercial traders were net long 32,442 contracts, an increase of 15,087 contracts for the week. Non-Commercial and Nonreportable combined traders held a net long position of 49,500 contracts, up 22,737 contracts for the week. For oil, Non-Commercial traders were net long 9,792 contracts, an increase of 11,597 contracts for the week. The shift from a net short to net long position is seen as positive. After some choppy and lower trade early, November soybeans saw a major technical break-out to the upside on Friday and moved sharply higher on the day. Talk that yield could slip below the August USDA report helped to support the solid recovery and rally to higher on the day.

TODAY’S GUIDANCE: The weather is mixed to slightly positive and traders see even lower yield than the USDA in August as a serious threat. Bullish outside market forces and a return of aggressive fund trader buying in grains is also seen as a supportive force. Trend-following funds increased their net long position by nearly 50,000 contracts to 94,835 for the week ending August 23rd.

TODAY’S MARKET IDEAS: Buying support for November soybeans moves up to 1421 1/2 and 1409 1/2, with 1458 and 1498 as next upside objectives.

Soybeans: Weak Dollar, Record High Gold and Tighter Corn Market Support

by on August 3, 2011

Below is a sample of The Hightower Report’s Daily Commentary. To get this comment, and our daily coverage of 15 additional markets and trade ideas, visit futures-research.com for your free 2 week trial!

NEAR-TERM MARKET FUNDAMENTALS: A general perception that the USDA may lower soybean yield in next week’s USDA production and supply/demand report and the surge higher in corn values helped drive the market sharply higher yesterday. Traders continue to believe that the heat in July stressed soybean crops and could lower yield but the market was trading at the lowest level since July 12th early yesterday on the weather outlook which suggests that crops will see significant rain and more normal temperatures for the next few weeks. As a result, yield potential could improve as mid-August weather is most critical to soybeans. July weather may have permanently lowered yield potential for corn and a tighter corn supply has implications for meal prices and demand and as a result, soybeans followed corn higher yesterday. Some early trade estimates for yield are showing a drop of near 1 bushel/acre from the current USDA estimate of 43.4 bu/acre. If so, and demand numbers are left unchanged, ending stocks for the 2011/12 season would slip to just 100 million bushels and a stocks/usage of 3.1%. This would be the lowest stocks since 1972 and the lowest stocks/usage on record (back to 1964). November soybeans closed sharply higher on the session yesterday and closed above the range of the past few sessions. The market followed the weather news lower early in the day and followed the corn market higher late in the day. Deteriorating crop conditions for the past week helped support but active selling from fund traders contributed to a sharply lower trade into the mid-session. Talk that rains should ease crop stress into the weekend plus talk that the 6-10 day and 11-15 day models show periods of above normal precipitation helped to pressure. Temperatures are also expected to decline to more normal levels in the next two weeks as the heat moves to the south and the west. Private exporters reported to the USDA the cancellation of 550,000 tonnes of US soybean exports to China for the 2010/11 season and reported export sales of 550,000 tonnes of US soybeans to China for the 2011/12 season.

TODAY’S GUIDANCE: Record high gold prices and a weaker US dollar plus growing concerns for a tighter corn market this year has helped support. With smaller planted area in China this year and China vegoil makers now in a position to raise prices, China demand could shift from the sluggish pace of the past several months to a more robust pace ahead. It seems to be too early to indicate a drop in US yield; especially with the bearish weather forecast but with continued stress on crops in the south, the market is at risk of tightness ahead.

TODAY’S MARKET IDEAS: The technical action improved dramatically yesterday as the market was able to hold key support at 1348 1/2 and the close back over 1363 1/2 (now support) suggests another test of the highs and upside targets of 1431 3/4 and 1459 for November soybeans. However it will take a close above 1380 1/2 to turn the minor trend back up. December meal held key support yesterday and another close higher today suggests an upside target of 377.80. December oil support is at 57.42 with 60.13 as upside target.

Soybeans: Look for Market To Build Weather Premium This Week

by on July 19, 2011

Below is a sample of The Hightower Report’s Daily Commentary. To get this comment, and our daily coverage of 15 additional markets and trade ideas, visit futures-research.com for your free 2 week trial!

NEAR-TERM MARKET FUNDAMENTALS: The market is seeing buying support overnight from threatening weather forecasts for much of the Midwest and delta growing areas and from a more positive tilt to outside market forces. Weather becomes more critical for soybean yield potential into early August but crop conditions are already deteriorating and traders see further deterioration this coming week. Traders expected to see crop conditions drop about 1% to in the good to excellent category for the weekly update. However, the report showed that 64% of the crop is now rated good/excellent compared to 66% last week and 67% last year. Argentina food and animal health inspectors are on strike this week which could disrupt exports of grains. This should not be a major factor unless the strike is extended beyond this week. November soybeans closed just slightly lower on the session yesterday and closed well up from the early lows. Weather concerns persist and there was talk that the weather models were a little drier and hotter which helped support. Yield uncertainties persist to help support and traders see harsh weather for this week for the Midwest and the delta as supportive. Weekly export inspections came in 3.7 million bushels which was below expectations. Inspections need to average 12.2 million bushels per week for the rest of the season to reach the USDA projection. The USDA supply/demand outlook is already tight and any reductions in the yield outlook could have a significant impact on the price outlook. The USDA currently projects ending stocks for the 2011/12 season at just 175 million bushels which is 5.3% of usage. If average yield drops 1 bushel per acre to 42.4, ending stocks slip to 100 million or 3.1% of usage. If we see a 2 bushel drop to 41.4 million, ending stocks slip to just 26 million, less than 1% of usage.

TODAY’S GUIDANCE: The hot and mostly dry outlook for the next several days with relief in the form of good rains expected for just the northern sections of the corn belt this week and to the east next week appears threatening enough to help support additional weather premium for the key reproductive period of the crop into August. Look for the market to build weather premium this week.

TODAY’S MARKET IDEAS: Support for November soybeans comes in at 1391 and 1380 with 1411 1/4 and 1450 3/4 as next upside targets. December soyoil support is at 57.99 and 57.47 with 58.71 and 60.22 as next resistance.

Soybeans: Follow Wheat Down or Corn Up?

by on June 22, 2011

Below is a sample of The Hightower Report’s Daily Commentary. To get this comment, and our daily coverage of 15 additional markets and trade ideas, visit futures-research.com for your free 2 week trial!

NEAR-TERM MARKET FUNDAMENTALS: A sluggish world demand tone and weakness in wheat are negative forces today as the market gave back a good portion of yesterday’s gains in overnight action. Traders see the market in need of warmer and drier weather and a hot and dry outlook into the 4th of July weekend is bringing mixed reviews. Palm oil production is expected to climb in the second half of 2011 and stocks are expected to rise above the 16-month high of 1.92 million tonnes posted last month. Indonesia will raise export taxes in July which is expected to boost exports from Indonesia for the remainder of this month and slow exports from Malaysia. Feed companies in China consumed 35 million tonnes of meal last year which was up 13% from 2009. Higher pork prices this year are expected to encourage increased feed usage for the coming year and with high corn prices, meal demand should remain strong. The market managed to recover from a mid-session set-back yesterday to close moderately higher on the session. New crop found some support from a little more threatening weather for early July and strength in corn and the US stock market also helped. The outlook for a hot and dry ridge to move into the western Corn Belt for the 4th of July weekend plus weakness in the US dollar and strength in other commodity markets and equity markets helped support the higher trade early in the session. Talk of the oversold condition of the market after a 7-session break of 86 1/2 cents into Friday’s lows added to the positive tone. The weekly crop updates did not bring any surprises with 94% of the crop planted as of Sunday and 82% of the crop emerged from 86% as the 5-year average. The crop is rated 68% in good to excellent condition which was up 1% from last week and unchanged from the 10-year average. A positive tone to edible oil prices due to higher palm futures and continued talk of tighter supply from Europe due to spring drought and damage to the Canadian crop due to too much rain were seen as factors to support soybean oil. However, the sharp break in palm oil overnight helped push July soybean oil under yesterday’s lows in overnight action.

TODAY’S GUIDANCE: The soybean market seems undecided on whether to follow wheat lower or corn higher. The weather outlook is seen as bearish by some traders and this may be the case if there is just a few days of hot and dry weather but the models suggests a strong high pressure ridge with 95-100 degrees across a good portion of the corn belt in the 6-10 and 11-15 day forecast models. An extended ridge pattern should be considered bullish as corn damage will be possible if the heat lasts into July. The market needs a high yield this year to avoid significant tightness and the forecast opens the door for the market to begin to build a weather premium.

TODAY’S MARKET IDEAS: The technical action is weak and November soybeans close in support will need to hold at 1339 3/4 or the market looks vulnerable to another swing down to the 1320 level. Look for support to hold on a closing basis. A move over 1358 1/2 and especially 1367 3/4 will put the market back on a bull track with 1433 3/4 as next upside target.

Soybeans: Limited Old Crop Upside with Higher Ending Stocks Expected

by on June 2, 2011

Below is a sample of The Hightower Report’s Daily Commentary. To get this comment, and our daily coverage of 15 additional markets and trade ideas, visit futures-research.com for your free 2 week trial!

NEAR-TERM MARKET FUNDAMENTALS: Fund trader buying emerged to support a strong recovery yesterday and the market inched higher in overnight trade. While the US weather looks favorable for planting, adverse weather for Canada and to some extent China has traders uncomfortable in assuming a strong oilseed crop this season. The USDA attache in China believes that soybean imports for the 2011/12 season will reach 58 million tonnes from 54.5 million this year. Production is expected to slip to 14.4 million tonnes from 15.2 million this season. Private traders still see the 54.5 million tonnes this year as too high and there is talk that many traders are adjusting old crop ending stocks higher for the June supply/demand report next week. Brazil meal exports reached 1.5 million tonnes for May from 1.2 million in April and from 1.4 million last year. Oil exports reached 165,000 tonnes from 59,000 April and 102,000 last year. A late spurt of buying from fund traders helped support solid gains yesterday and the highest close for November soybeans since April 25th. Weakness in outside market forces and in wheat helped to pressure the market early as traders see better weather for planting in the US and some significant rains into the weekend for Europe as negative forces. However, the slow plantings pace for soybeans and a bounce in corn and meal helped support the market to trade higher. A private firm released a US soybean planted acreage estimate of just 74.89 million acres and this might have helped support the market late in the day. If we plug in this estimate to the supply/demand table and leave the rest of the USDA numbers from May unchanged, US ending stocks come in at 87 million bushels as compared with the USDA estimate of 160 million for the 2011/12 season. Planting progress last week was lower than expected at just 51% complete compared to 71% last year. Only 7% of the Ohio crop is planted and just 29% is planted in North Dakota but Iowa is already 87% complete. Ideas that fund traders may emerge as buyers of commodity markets during early June also helped to provide some support.

TODAY’S GUIDANCE: The weather news was a short-term negative force for grains yesterday but the market shrugged off this news and closed strong. After another 6-8 days of dry and sometimes hot weather in the Midwest, the extended forecast models suggest a shift back toward more seasonal weather. The upside for old crop looks limited by expectations for higher old crop ending stocks in next week’s report.

TODAY’S MARKET IDEAS: November soybean short-term support moves up to 1365 1/2 and then 1349 1/4 with 1393 1/2 and 1458 1/2 as next objectives. December soybean oil is showing good resistance near 60.08 but support at 59.27. Additional resistance is at 60.51.

Soybeans: Weather and Renewed Fund Buying Supports

by on May 19, 2011

Below is a sample of The Hightower Report’s Daily Commentary. To get this comment, and our daily coverage of 15 additional markets and trade ideas, visit futures-research.com for your free 2 week trial!

NEAR-TERM MARKET FUNDAMENTALS: Like corn, the soybean market saw a noted increase in fund buying interest yesterday in what seemed to be a reawakening of the physical commodity markets. While the inflationary vibe this morning doesn’t appear to be as significant as the environment yesterday, the combination of residual gains in energy prices, a weaker Dollar and residual weather concerns give the bull camp more ammunition than the bear camp to start today. While rising soybean oil production views served to restrain the gains in the Asia action overnight, those markets also saw talk of increased oil demand overnight. However, the focus in the US soybean trade is likely to return to the adverse planting season weather in the US and perhaps on renewed interest or the lack of follow through buying interest from the funds. Some areas will see some planting activity today and that could continue ahead of the next weather system that is seen developing over the coming 36 hours. While the corn market probably sees Thursday and Friday US weather as very important, the soybean market might be looking ahead to the threat of rain next week, as the critical window for soybean plantings is starting to take on more significance. Export sales for Soybeans are expected to be moderately stronger than last week and overnight the trade saw a 60,000 ton purchase of Brazilian beans by a Taiwanese entity. The soybean oil trade will be watching the weather for a rain threat this weekend that might slow the recent progress in the Canadian rapeseed area.

TODAY’S GUIDANCE: The July soybean contract comes into the early Thursday US action sitting just above the 100 day moving average of $13.84 1/2. With some rain seen in the coming 36 hours and another wet and cold system projected for early next week, the bull camp looks to retain the edge. So far, short term technical indicators aren’t over wound but one could suggest that the fundamental track is moving to factor in fairly significant overall acre losses and therefore the weather will have to avoid offering up a noted dry window. We get the sense that bullishness on the weather is set to reach a zenith into the Friday close, as temperatures are starting to rise and that might allow for crop work unless rain fall totals remain robust.

TODAY’S MARKET IDEAS: November soybeans managed to rise above the 100 day moving average yesterday and the market sits entrenched above that level in the early Thursday trade. While front month corn and wheat have seen comparatively bigger buying interest off the planting delays, minor rains due into Thursday night and into Friday and also early next week could begin to concern traders of tightening in the November soybean contract supply view. Near term upside targeting in July soybeans is at 14.00 with near term support seen at $13.77. July soybean oil support moves up to 57.26 and 57.30, with the 100 day moving average at 57.89 seen as initial resistance.

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