March Soybean commodity futures
Yesterday’s Close: March bean futures finished yesterday’s session up 11 ¾ cents, trading in a range of 14 ¼ cents. Funds were estimated buyers of 9,000 contracts on the day.
Fundamentals: The market worked higher yesterday on confirmed headlines that the March 1st deadline for a trade deal would be extended, keeping tariffs at their current rates instead of increasing to 25%. CONAB released their Brazilian crop estimates yesterday, they have production at 115.3mmt, this compares to the USDA estimate of 117.00mmt.
Technicals: The market has traded technically sound this week, with prices testing and holding significant support pockets. The bulls do not want to see a retest, but more importantly a close below support from 897-901. This would neutralize our friendly bias and likely encourage a round of long liquidation. The bulls want to see a conviction close above the 200-day moving average, an indicator we have traded on for the last 14 sessions. If the bulls can achieve this, we would look for a move towards 941-947.
Bias: Neutral/Bullish
Resistance: 931 ¼**, 941-947****
Pivot: 913 ¼-916 ¼
Support: 897-901****, 890 ½-891 ¼**, 880 ½**
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