By IFCMarkets
Higher export and lower supply forecasts bullish for soybean price
US Department of Agriculture increased its forecast for US soybean exports by 50 million bushels to 1.825 billion bushels in its WASDE February 11 report. At the same time it estimated a 10.5% decline of US soybean carryout from last month. And China customs data indicate soybean imports by China totaled 88.5 million tons for 2019, up 0.5% year on year, despite African Swine Fever and the trade war. Higher export and lower carryover forecasts are bullish for soybean prices.
| Indicator | VALUE | Signal |
|---|---|---|
| MACD | Buy | |
| Stochastic | Sell | |
| Donchian Channel | Neutral | |
| MA(200) | Sell | |
| Fractals | Buy | |
| Parabolic SAR | Buy |
| Order | Buy |
| Buy stop | Above 905.3 |
| Stop loss | Below 885 |
Market Analysis provided by IFCMarkets