Key Points:
Soybeans surged to a one-week high on Thursday, bolstered by robust demand from China, the world’s top importer.
Picture: Soybean futures climb to 9.97 as traders eye resistance at 9.978 for further momentum, as seen on the VT Markets app.
Soybean-C futures closed at 9.971, showing a slight uptick of 0.24%. The session ranged between a low of 9.945 and a high of 9.978.
The price action shows a strong upward movement from the low of 9.765, supported by the 5, 10, and 30-period moving averages, which indicate a short-term bullish trend.
The MACD (12, 26, 9) shows a bullish crossover, with the histogram bars in the positive zone, suggesting continued upward momentum in the short term.
With U.S. harvest pressure easing, the soybean market continues to move upward, although analysts believe gains may be capped by ample global supply in the near term.
Ole Houe from IKON Commodities expects soybean demand to remain strong, but notes the potential cap on price growth due to global supply.
Wheat and corn prices also saw gains, with corn benefiting from improved weather conditions in Argentina, where heavy rains helped reverse crop losses after a tough drought period.
Meanwhile, Russia’s proposed BRICS grain exchange adds potential pressure to wheat markets, as traders monitor new developments that could shift global trade dynamics.
With tariffs on Chinese imports looming ahead of the U.S. election, further market shifts may depend on the outcome of the tight Harris-Trump race. This could impact U.S.-China trade relations and, in turn, the soybean market.
Start trading now — click here to create your live VT Markets account.
Official partners:
