1-877-DAW-0006

BROKERSEDGE

PROPRIETARY NEWSLETTER

Soybean Market news – BrokersEDGE – DAW Trading 4-16-18

SOYBEANS (May)

Last Week’s Close: May soybean futures traded 17 ¾ cents higher last week, this after trading in a range of 29 ¾ cents. Friday’s Commitment of Traders report showed that funds were net sellers of 2,890 futures, this puts their net long position right at 169,539 (identical to corn). Keep I mind that this data is compiled from April 3rd- April 10th.

Fundamentals: If we start to see delays in corn planting extend, we could start to see some acres shift from corn to beans. It is still too early to suggest that is a probability, but it is certainly a possibility at this point in time and should be noted. Harvest in Brazil is starting to pick up, they are estimated to be 25% complete. We have the NOPA crush report this morning; expectations are for 164.15-176.20 million bushels, with the average estimate being 168.247 million bushels. We will continue to keep a close eye on the soybean meal market, as it could be a catalyst in price action.

Technicals: May soybeans gave up some gains on Friday but made strides on the week. We started shifting our near-term bias last week from bearish to bullish on this price action. The market is relatively quiet in the early morning trade so the floor open will be key in setting the tone. First support this morning comes in from 1047 ¼-1052 ¾, a close below this pocket would shift our bias. If the bulls can defend this support pocket, we would expect to see a run towards 1079 ¼-1082 ½.

Bias: Bullish

Resistance: 1079 ¼-1082 ½***, 1097 ¾-1102 ¼**

Support: 1047 ¼-1052 ¾***, 1030 ¾-1034 ¼**, 1012-1019 ¼***

 

For more information please contact DAW Trading at brokersedge@dawtradingdiv.com or at 877-329-0006 and visit us at http://dawtradingdiv.com/brokers-edge/

Disclaimer:

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. DAW Trading (“DAW”) uses various outside sources for research material regarding futures and options on futures trading therefore the views and opinions expressed in this letter may not necessarily reflect the view of DAW or its staff. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to DAW.

Sign Up for BrokersEDGE

Talk to a broker

DAW Trading