Heading into the weekend I expect to see 9.69 act as resistance in the Nov Soybeans today and 9.63 as initial support on the downside.
The overarching theme that this market can’t get away from is the reality that Weather leans bearish.
Key technical area to keep an eye on right now I think are 10.08 as resistance on the November Soybeans and 333.5 resistance on the December soymeal.
In their first estimate of the new 2014/15 season, the Secretary of Agriculture for the state of Parana is estimating record large soybean acreage this year of just over 5 million hectares, with harvest of up to 17.1
A relatively quiet US economic calendar in the coming week is also likely to bring about position adjustments ahead of next week’s FOMC meeting that could come with a modest shift in language.
Cash markets have caught up to the October futures but we think it will take a continued strong tone in the cash market and beef market to sustain the run.
Shares in China closed at their highest level in nearly a year on prospects for more government stimulus in response to the latest bout of soft economic data. Gains in Asian equity markets provided a strong start for Europe.
Natural Gas key levels this morning to be aware of, I think we’ve got to see how the market responds to 4.05 on the upside and 4.01 on the downside as support.
In crude, I think the 94.35 level will act as a resistance level today, with 93.50 as first support. In natural gas, as discussed watch the 4.00 price level for resistance and 3.96 as downside support.
Key technical levels this morning, in my opinion, will be 140-28 resistance on Sept 30 year bonds, with initial support coming in at 140-16 and below there at 140-04.