The one week forecast still shows almost no rain for Argentina and Southern Brazil. However, moving out to the 8-10 day forecast, it does seem hefty rain totals for central and western Argentina. USDA attache cut forecast for soybeans to 36 million tonnes, down 9.5 million tonnes from the USDA production. Recent rains will provide help for second crop soybeans, but ideal weather in Feb will be needed for a substantial recovery.

The demand outlook has improved for soybeans with China reopening after its week long lunar New Year holiday, and outside markets (Crude, dollar, stocks) are supportive as well.

Momentum studies are rising from mid-range, which could accelerate a move higher if resistance levels are penetrated. The markets short term trend is higher on the close above the 9 day MA. Resistance is around 1545 and then 1555, while support is at 1530 and 1515.


The risk of loss in trading futures and/or options is substantial and each investor and/or trader must consider whether this is a suitable investment. Past performance, whether actual or indicated by simulated historical tests of strategies, is not indicative of future results.

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Tony Cholly

Senior Market Strategist
Tony majored in Economics at Eastern Illinois University. He performed his thesis on the market price of corn in the market and the factors that affect it. Tony was drawn to futures trading because of the opportunity to have financial gains in an economic environment. He prides himself on working with customers one-on-one and developing a trading strategy based on the client's needs and wants.
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