Cme soybean futures technical charts suggest immediate

Technical charts suggest immediate support at $12. The monthly Crop Production report showed a 0.1 bpa cut to US yield at 53.5 bpa, above estimates. Acres were up 0.21 million on both the planted (81.135 million) and harvested side. Production was up 8 mbu at 4.3 bbu, vs. estimate calling for a 21 mbu reduction. USDA led the old crop ending stocks along this month at 330 mbu, with the 2024/25 MY seen up 10 mbu at 300 mbu, with a 20 mbu cut to exports and 15 mbu increase to crush. The front-month August CME soyoil contract was down by 1.19% day on day to 53.90 cents per lb at 1pm US Eastern time. CME soybean futures traded at $12.18 per bushel today, up 0.45% on stronger export demand. Analysts cite USDA crop condition reports showing slight yield deterioration, supporting near-term bullish sentiment. Traders are watching weather risks in Midwest soy-producing states for further price cues.