Soybean Futures / Options News – DAW Trading – BrokersEDGE 4-24-18


Yesterday’s Close: July soybean futures finished the session down 10 ¼ cents, trading in a range of 16 cents. Funds were estimated sellers of 8,500 contracts.

Fundamentals: Export inspections yesterday morning came in at 470,817 metric tons. The expectations ranged from 300,000-600,000. Last week’s export inspections number came in at 446,000 metric tons. Yesterday afternoon’s crop progress report showed that soybeans are 2% planted in the states. Last year at this time we were 5% complete. Weather continues to be a major headline, but we are still early enough in the season that we are not putting a lot of weight into it. The bulls need to see some sales this week outside of the weekly Thursday report.

Technicals: Friday’s bearish close spilled over into the floor open yesterday which has pressed prices near their next level of support. Significant support comes in from 1025 ¾-1027 ¾. This pocket represents the 100-day moving average, previous support in March, and the 50% retracement (middle of the range) from the January 12th lows to the March 2nd highs. We believe that this pocket would be a good opportunity for shorts to cover something. If you want to be long the market, this is a spot to try and buy on the first test, looking for a relief rally “pop”. Previous support now becomes resistance, we see that at 1042 ½.

Bias: Neutral

Resistance: 1042 ½**, 1050***, 1060 ¾-1064 ½**, 1077-1078***

Support: 1025 ¾-1027 ¾***, 1013-1016***, 988 ¾-994 ¾****

For more information please contact DAW Trading at or at 877-329-0006 and visit us at




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.

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