Monday morning, traders saw January soybeans open 2 1/2 cents higher with China Dalian soybean futures up 0.38%. This market seems to be finding support on a slightly drier outlook in the two-week forecast for Argentina. We did see some decent rains of 0.75 – 2.00 inches with 50-70% coverage, however some models are pulling back on amounts and coverage in the forecast for the next two weeks. January soybeans settled at 967 ¼ on Friday, down 22 ½ cents on the week while soybean meal settled at 320.60, down $11.10 on the week and January soybean oil settled at 33.16 down 0.46 points on the week.
Overall, January soybeans should find support to start the week with a slightly drier outlook in Argentina over the next two weeks. The rain over the weekend seems to have already been priced in after last week’s sell-off and there have been rumors of Chinese interest on the break late last week securing 4 to 6 cargoes. Close in support is at 963 ¼ by 960 ½. Resistance is at 976.
Soybeans Jan ’18 Daily Chart