FeedDinner 2018

DOW JONES NEWSWIRES

NOVEMBER SOYBEANS

November soybeans on Tuesday closed weaker and nearer the session high. The key "outside markets" were bearish for soybeans Tuesday, as the U.S. dollar index was firmer and crude oil and the U.S. stock indexes were weaker. Soybean bulls still have the overall near-term technical advantage as prices are in the middle of a wide trading range at higher price levels. The next near-term upside technical breakout objective for the soybean 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 psychological support at $13.00. First resistance is seen at last week's high of $13.55 and then at $13.65. First support is seen at Tuesday's low of $13.41 1/4 and then at $13.30.

$15.38 -------- the contract high

$13.33 1/2 --- 10-day moving average

$13.55 1/2 --- 20-day moving average

$13.48 1/4 --- 40-day moving average

$8.19 3/4 ----- the contract low

DECEMBER SOYBEAN MEAL

December soybean meal on Tuesday closed slightly lower and near the session high. The bulls still have the overall near-term technical advantage. Prices have been trading choppy and sideways at higher price levels for seven months. 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 the August low of $341.30. First resistance comes in at $360.00 and then at last week's high of $361.90. First support is seen at Tuesday's low of $354.50 and then at $352.50.

$371.50 --- contract high

$352.60 --- 10-day moving average

$358.80 --- 20-day moving average

$353.40 --- 40-day moving average

$247.00 --- the contract low

DECEMBER SOYBEAN OIL

December bean oil on Tuesday closed firmer and nearer the session high. Bulls have gained some upside technical momentum recently, but need to show more power soon. Prices are still 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 56.00 cents. Bean oil bears' next downside technical price breakout objective is pushing and closing prices below solid technical support at last week's low of 53.10 cents. First resistance is seen at Tuesday's high of 55.80 cents and then at 56.00 cents. First support is seen at Tuesday's low of 55.02 cents and then at 54.50 cents.

61.45 --- the contract high

55.04 --- 10-day moving average

56.12 --- 20-day moving average

56.64 --- 40-day moving average

38.49 --- the contract low

FeedDinner 2018