# August Soybean Meal Futures Coiling for a Breakout?

> 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.

- Date: 2022-06-27 · published 2022-06-27T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/41021-august-soybean-meal-futures-coiling-for-a-breakout
- Commodities: [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md)

## Why it matters

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.

## Read by commodity

- SBM: bearish ▼
- KWHEAT: bearish ▼

## Sources

- dtnpf.com: https://www.dtnpf.com/agriculture/web/Ag/blogs/technically-speaking/blog-post/2022/06/27/august-soybean-meal-futures-coiling-5

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.