Soybean Futures—Soybean futures in the May contract is currently trading higher by 1 penny at 9.00 a bushel as traders are awaiting tomorrow’s crop report which should send some short-term price direction back into this market.
I’ve talked about the grain market & soybeans for quite some time as I still have the same opinion I think prices go nowhere for the rest of the month of April and then things can change as the summer months would then be upon us as weather will be the main focus.
The crop report is estimating carryover levels are around 900 million which is at an all-time high as fundamentally speaking this market has nothing positive, but that can change quickly as the volatility certainly will expand tremendously in the coming months ahead. Soybean prices are trading at right at their 20 day but still below their 100 day moving average as the trend is mixed as prices really have gone nowhere over the last 6 months.
China and the United States are in the midst of trying to settle this trade agreement which might be complete until the month of May, but that would certainly be a positive situation for soybeans and the entire agricultural sector if something positive develops.
CHART STRUCTURE: IMPROVING
VOLATILITY : LOW
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