During Monday’s trading session soybeans futures for delivery in May traded within the range 1459.9-1479.4 and closed at 1463.0.
At 08:25 GMT today soybeans futures for settlement in May traded at 1466.3 US cents per bushel, adding 0.14% for the day. The contract hit a daily high at 1471.1 US cents per bushel at 02:05 GMT.
Fundamental view
A government report due tomorrow may show global soybeans inventories declined from last month’s estimate.
Global soybeans reserves may total 70.05 million metric tons for the 2013-14 crop year, down from the previous USDA estimate of 70.64 million, according to the median of as many as 19 analyst estimates, participated in a Bloomberg survey.
The government agency reported on March 1st, that inventories in the worlds largest producer, the US, were at the weakest level for this time of the year since 2004.
US reserves fell to 992.3 million bushels, the lowest level in a decade, while stockpiles stored in farm bins fell almost 16% from a year ago to the smallest percentage of total supplies since 1977, data by the US Department of Agriculture showed.
Technical view
According to Binary Tribune’s daily analysis, in case soybeans price manages to breach the first resistance level at 1475.0 US cents per bushel, it will probably continue up to test 1486.9 US cents per bushel. In case the second key resistance is broken, the grain will probably attempt to advance to 1494.5 US cents a bushel.
If soybeans price manages to breach the first key support at 1455.5 US cents, it will probably continue to slide and test 1447.9 US cents per bushel. With this second key support broken, the movement to the downside will probably continue to 1436.0 a bushel.
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