Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

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

Screenshot from 2014-04-08 11:21:59

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.

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • Forex Market: USD/MXN daily trading outlookForex Market: USD/MXN daily trading outlook Tuesday’s trade saw USD/MXN within the range of 13.1664 - 13.0906. The pair closed at 13.0929, losing 0.55% on a daily basis, having gained 0.52% last week.At 8:23 GMT today USD/MXN was down 0.10% for the day to trade at 13.0811. The pair […]
  • Forex Market: USD/MXN daily forecastForex Market: USD/MXN daily forecast During Friday’s trading session USD/MXN traded within the range of 12.8197-12.9338 and closed at 12.9305.At 11:10 GMT today USD/MXN was losing 0.14% for the day to trade at 12.9118. The pair touched a daily low at 12.8960 at 9:15 […]
  • Carnival Corporation shares drop amid fears of second coronavirus waveCarnival Corporation shares drop amid fears of second coronavirus wave US stocks were declining in Monday trading as the fear of a second COVID-19 wave increased. Cruise operators were some of the worst performers, with shares in Carnival Corporation leading the way by dropping 2.7%.Over the weekend, 22 […]
  • HilleVax appoints new Chief Operating OfficerHilleVax appoints new Chief Operating Officer HilleVax Inc, a clinical-stage biopharmaceutical company with a focus on development and commercialization of novel vaccines, said on Thursday that it had appointed Sean McLoughlin as Chief Operating Officer.McLoughlin has three […]
  • Crude oil trading outlook: WTI and Brent futures lower after US oil data, Libya exportCrude oil trading outlook: WTI and Brent futures lower after US oil data, Libya export WTI and Brent futures were lower during early trade in Europe, after a slump on US oil supplies on Wednesday. Libya looks set to resume exports from reopened terminals.West Texas Intermediate futures for settlement in August traded for […]
  • US stock futures gained as stimulus tapering seems closerUS stock futures gained as stimulus tapering seems closer US stock index futures advanced indicating the Standard & Poor’s 500 Index will gain for a third day as last week jobs data exceeded expectations and boosted speculations on Federal Bank that may taper stimulus as soon as September this […]