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10 Dec 2014
US Soybean jumps to 1-month high ahead of USDA report
FXStreet (Mumbai) - US Soybean futures on CBOT jumped to one-month high today, ahead of the U.S. Department of Agriculture’s (USDA) monthly crop supply and demand report due later in the session.
Currently, US Soybeans for January deliveries trades at USD 10.5463/ bushel, up 0.50%, after clocking a high of USD 10.6013/ bushel. The rally in soybean prices is seen as markets forecast USDA to slash its forecast of 2014-15 soybeans ending stocks by 5% from a month earlier to 427 million bushels.
Soybean prices also jumped after Oil World, an Independent forecasting service for Oilseeds, Oils & Meals in Germany, reported Paraguay crop production may be lower than previously expected. Paraguay is the world’s third largest exporter of soy.
Soybean Technical Levels
Soybean prices have an immediate resistance located at 10.6963 (Nov 13 High), above which gains could be extended to 10.7238 (Nov 11 High) levels. Meanwhile, support is seen at 10.4353 (50-day SMA), below which it can extend losses to 10.2328 (100-day SMA) levels.
Currently, US Soybeans for January deliveries trades at USD 10.5463/ bushel, up 0.50%, after clocking a high of USD 10.6013/ bushel. The rally in soybean prices is seen as markets forecast USDA to slash its forecast of 2014-15 soybeans ending stocks by 5% from a month earlier to 427 million bushels.
Soybean prices also jumped after Oil World, an Independent forecasting service for Oilseeds, Oils & Meals in Germany, reported Paraguay crop production may be lower than previously expected. Paraguay is the world’s third largest exporter of soy.
Soybean Technical Levels
Soybean prices have an immediate resistance located at 10.6963 (Nov 13 High), above which gains could be extended to 10.7238 (Nov 11 High) levels. Meanwhile, support is seen at 10.4353 (50-day SMA), below which it can extend losses to 10.2328 (100-day SMA) levels.