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Soybean

The US Department of Agriculture (USDA) is scheduled to release monthly stockpiles and supplies tonight and expectations are for a drop in inventory. This does not come as a surprise with the higher amount of rain recorded across the farm belt in the US mid-west this spring. With Soybean harvests dropping in yields in wet-weather conditions, this has sparked a run in the price of the crop. Looking at the charts, Soybean has consolidated its two-week run up in June well, finding good support at the 200-day MA of around the USD1000 level. With both the 50- and 200-day MA turning up and a golden cross looking likely with this upward momentum, further reports of tight inventory may spark another run at the USD1065 end-of-June high. A break above this would set the next test at USD1108. Conversely, any pull back from here may see support at the 200-day MA at USD1000.
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