Commodities
Home›Commodities›Agriculture›December soybean meal futures rise on global supply di…
December soybean meal futures rise on global supply disruptions
Barchart points to China increasing purchases of U.S. soybeans as shipping and logistical constraints tied to the U.S.-Iran and Russia-Ukraine wars tighten grain supplies.
Soybean meal futures for December have moved into an uptrend, with Barchart highlighting technical strength in the ZMZ26 contract.
The article cites a bullish technical setup, noting the MACD indicator is in a bullish posture, with the blue MACD line above the red trigger line and both lines trending up.
Fundamentally, Barchart links the price rise to China stepping up its buying of U.S. soybeans, while the U.S.-Iran and Russia-Ukraine wars are also creating shipping and logistical constraints that affect global grain supplies.
For the December soybean meal contract, Barchart frames chart resistance near $323.00 as a potential trigger level, with an upside price objective around $352.00 and support near $312.1o.
Latest closeSoybeans $1,193.75 ▼0.7%