May Soybean Futures news today 3-11-19

Soybeans (May)
Last Week’s Close: Soybean futures finished Friday’s session down 6 ½ cents, extending losses for the week to 15 ½ cents. Friday’s Commitment of Traders report showed managed funds with a net short futures and options position of 50,302 contracts.
Fundamentals: Friday’s USDA report showed U.S. ending stocks at 900 million bushels, just below the average analyst estimate of 902 million bushels. World ending stocks came in at 107.17, above the average analyst estimate of 106.33. With the report behind us, you can bet on the attention turning back towards trade negotiations with China.
Technicals: The market worked below the psychologically significant $9.00 handle on Friday which opened the door to our next support pocket from 890-893 ½, a pocket which we described in Thursday’s “2 Minute Drill” as a point of value. The bulls need to defend this pocket in the first half of the week, a failure to do so could open the flood gates for accelerated selling.
Bias: Neutral
Resistance: 900-903***, 909-913 ½**, 922 ¼-924 ¾***
Support: 890-893 ½****, 870-873 ½**, 853****

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