The wet forecast continues to support grain markets, and especially beans the last 2-3 days. Traders remain concerned that planted acreage will continue to decline as most of the Midwest is looking at a very wet weekend. The latest 7-day forecast shows 2-4 inches over Illinois, Indiana and Ohio, with even more widespread rain through other parts of the Midwest mid-next week. These sates have nearly 17+ million acres left to plant as of June 9th. July soybeans are up over 31 cents on the week so far and November beans are up 32. The soybean market is looking to close higher on the week for the fourth out of five weeks. Resistance comes in at 893 and 896 while support is at 882 and 874.
Soybeans Jul ’19 Daily Chart