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December soybean meal futures hit three-week high amid crop tour data
The outlook is tied to disappointing U.S. soybean yield potential from the Pro Farmer crop tour, plus solid soybean meal demand and expectations that China may buy more beans.
December soybean meal (ZMZ26) futures rose to a three-week high, with the contract price pushing into a developing uptrend, according to analysis published by Yahoo Finance.
The technical setup cited in the piece points to a bullish posture in MACD, saying the blue MACD line has crossed above the red trigger line, with “meal bulls” holding the near-term technical advantage.
Fundamentally, Yahoo Finance links the trade idea to the Pro Farmer crop tour, which it says is turning up disappointing yield potential for the U.S. soybean crop, while also noting China has been a recent buyer of U.S. soybeans and could purchase more.
The article highlights levels for December soybean meal futures, saying a move above this week’s high of $328.80 would open a buying opportunity, while support is identified around $317.50 and the upside objective is cited at $355.00 or higher.
Latest closeSoybeans $1,191.25 ▲2.0%