Soybeans

The overall recommendation is Buy based on technical indicators and moving averages. An RSI between 30 and 70 is pretty normal, showing a neutral rating. The MACD line is above the signal line which is a bullish hint. The 10-day EMA is above the 20-day EMA which suggests short-term strength. The current price is above the 50-day SMA which is a sign of medium-term strength. The 50-day SMA is under the 200-day SMA, suggesting a longer-term downtrend. The ATR is 12.89 which gives a sense of the current price volatility.

The U.S. season-average soybean price for 2024/25 is forecasted at $10.00 per bushel, a decrease of 10 cents from the previous month's estimate. This projection is based on an anticipated production of 4.3 billion bushels, an increase of 8 million bushels from the prior forecast due to higher acreage. The soybean yield is forecast at 53.5 bushels per acre. Analysts expect soybean prices to remain near $10 a bushel without a supply shock. November soybean futures have fallen to levels between $9.25 and $10 per bushel. This reflects a projected stocks-to-use ratio of 12.8% for 2024-25, the highest in five years. The USDA lowered its forecasted U.S. season-average soybean price for 2024/25 to $11.10 per bushel from $11.20 in the previous month.