By IFCMarkets
Estimates of expanded US soybean planting bearish for soybean price
US farmers planned to increase soybean acreage 9.7% in Spring 2020 compared with 2019 sowings which totaled 76.1 million acres – the lowest planted soybean acreage since 2011, according to US Department of Agriculture Prospective Plantings March 31 report. At the same time year to date soybean exports are behind those of the 2019/20 marketing year for all purchasing countries. Excluding China, the next 10 largest importers of US soybeans had purchased 10.5% fewer soybeans in the current marketing year than in 2018/19. And 2019/20 Chinese exports were nearly 50% lower to date than the previous five-year average. Lower demand and higher expected supply are bearish for soybean prices.
| Indicator | VALUE | Signal |
|---|---|---|
| RSI | Neutral | |
| MACD | Sell | |
| Donchian Channel | Sell | |
| MA(200) | Sell | |
| Fractals | Sell | |
| Parabolic SAR | Sell |
Summary of technical analysis
| Order | Sell |
| Buy stop | Below 825 |
| Stop loss | Above 854.7 |
Market Analysis provided by IFCMarkets
