The short-term trend is up, from a technical point of view and the world seems to be getting more comfortable with the idea of owning more stocks of grain then normal. Also, Chinese demand seems to be picking up as the global economy may not be as bad as originally feared. Any logistical problems out of South America will be considered bullish, as well as any weather premium starting to get priced in to the market for planting season. Domestic U.S. soybean meal demand remains strong, with the number of chicks placed for the week reaching a new record last week which will keep short term live stock feed demand on the stronger side. The technical action for the meal market has been very impressive of late, with a 5-day surge that took prices to highest levels since October. Support for the Soybeans comes in at 873 and 866 with resistance at 886 and 892.

Soybeans May ’20 Daily Chart
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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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