Soybean bounces off major support

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Soybean jumped above $15 per bushel mark this week amid improving demand outlook, as China, which is the largest consumer, is expected to increase imports in the near future after the removal of covid-related restrictions. On the other hand, supply concerns eased amid an improvement in Argentina rains and the early harvest progressing in Brazil. At the same time, US Department of Agriculture confirmed private sales of 130,000 tonnes of soybeans for delivery to unknown destinations in the 2022/23 marketing year, while the weekly export inspection data showed 1.806 million tonnes of soybeans were inspected for export in the last week, below 2.190 million tonnes in the previous week.

From technical point of view, buyers managed to defend crucial support at $1480, which is marked with previous price reactions and 50.0% Fibonacci retracement of the upward wave launched in November 2021. As long as price sits above, another upward impulse towards major resistance at $1550 may be launched.

SOYBEAN, D1 interval. Source: xStation5

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Soybean bounces off major support

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