So far, an early harvest yield trend has not yet been established.
Read MoreTraders are hoping for normal rainfall in the 8–14-day time frame.
Read MoreJuly meal experienced an impressive rally off of Thursday's low but hit significant resistance at 442.10 yesterday, and closed lower.
Read MoreShort-term technical indicators are showing extreme oversold readings after the 7-day collapse, but for now, the market lacks the type of supply news to help the market forge a low.
Read MoreOur review of the USDA’s Supply & Demand report released on April 11, 2023
Read MoreWhile the market seems to have the weather outlook to expect further gains, the sharp drop in open interest recently might suggest a long liquidation selling trend.
Read MoreMay soybeans remain in a consolidation just under the three highs from December, January, and February 13 right near 1545. Close in support is at 1511 1/2 and 1503 1/4, with 1554 3/4 and 1572 3/4 as next swing targets if the triple highs are taken out.
Read MoreThe short term trend remains down for November soybeans with resistance at 1420, and support at 1388 3/4 and 1365.
Read MoreWith rain in the forecast for Minnesota and surrounding areas over the next five days, progress could slow dramatically.
Read MoreGlobal wheat stocks will decline to six year low. Rare cut to corn yield estimate from slow planting start. US soybean crush seen at record for 2022/23.
Read MoreJuly soybean support comes in at 16.67 3/4 and 16.47 1/4, with 17.04 1/2 as near term resistance. A close through resistance would leave 17.63 1/2 as next upside target.
Read MoreThe weather forecast seems to have taken a more positive tilt, but the technical action suggests some back and fill action may be in order.
Read MoreExcept for Oklahoma, there is not much rain in the 2-week outlook.
Read MoreThe surge higher in fertilizer prices to a new record high may be the key factor to limit corn planted area.
Read MoreIf the market extracts the war premium, the focus will return to normal fundamentals.
Read MoreThe market remains vulnerable to increased volatility as fund traders hold a huge net long position ahead of the USDA reports, and ahead of a possible cease-fire agreement.
Read MoreOn top of all the Black Sea issues, there is little or no rain in the forecast for the next two weeks for Kansas, Oklahoma and Texas and China officials are indicating China's winter wheat crop could be the worst in history, according to the agriculture minister
Read MoreWeekly USDA Export Sales Report
Read MoreImproving weather conditions for South America, a bearish technical set up from recent technical reversals, and the overbought condition of the market leaves it vulnerable to additional long liquidation selling.
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