FeedDinner 2018

November soybeans on Thursday closed solidly lower, near the session low and hit a fresh three-week low. Bulls faded Thursday, but no serious chart damage occurred. The key external markets were very bearish for soybeans Thursday, as the U.S. dollar index was sharply higher and crude-oil prices sharply lower. Prices are still in a six-month-old sideways trading range at higher levels on the daily bar chart, but have been trending lower for three weeks. Soybean bulls still have the overall near-term technical advantage. The next near-term upside technical breakout objective for the bulls is pushing and closing November prices above major psychological resistance at $14.00 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below major psychological support at $13.00. First resistance is seen at $13.50 and then at $13.58 1/4. First support is seen at Thursday's low of $13.39 1/4 and then at $13.25.

$15.38 -------- the contract high 
$13.71 3/4 --- 10-day moving average 
$13.73 ------- 20-day moving average 
$13.55 ------- 40-day moving average 
$8.19 3/4 ----- the contract low 
 
   DECEMBER SOYBEAN MEAL

December soybean meal on Thursday closed lower, nearer the session low and hit a fresh three-week low. The bulls still have the overall near-term technical advantage. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at the contract high of $371.50. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $350.00. First resistance comes in at $360.00 and then at Thursday's high of $362.30. First support is seen at Thursday's low of $354.80 and then at $352.50.

$370.90 --- contract high 
$363.00 --- 10-day moving average 
$362.10 --- 20-day moving average 
$354.40 --- 40-day moving average 
$247.00 --- the contract low 
 
   DECEMBER SOYBEAN OIL

December bean oil on Thursday closed solidly lower, nearer the session low and closed at a fresh 4.5-month low close. Bulls faded badly Thursday and bears gained the near-term technical advantage. Prices are in a choppy four-month-old downtrend on the daily bar chart. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at this week's high of 57.99 cents. Bean oil bears' next downside technical price breakout objective is pushing and closing prices below solid technical support at the March low of 53.65 cents. First resistance is seen at 56.00 cents and then at 56.50 cents. First support is seen at the June low of 55.48 cents and then at 55.00 cents

61.45 --- the contract high 
56.99 --- 10-day moving average 
57.36 --- 20-day moving average 
57.30 --- 40-day moving average 
38.49 --- the contract low
FeedDinner 2018