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August soybean meal futures are forming a descending triangle on the daily chart, a pattern that often breaks lower. A break below $400 would signal another leg down, while a close above $420-421 would negate the bearish setup.
Momentum indicators are neutral; KC September wheat is described as deeply oversold after falling nearly $4 per bushel from its May 17 high.
Technical bearishness in meal points to softer soybean meal prices for feed buyers in the near term, while the wheat selloff could lower feed-grain costs despite tight global supplies.
dtnpf.comDana MantiniJun 27, 2022Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
