Soybeans

Technicals
Soybeans remain very choppy which has kept Bulls and Bears on the edge of their seats. Yesterday, our pivot pocket from 982-985 was on the verge of giving way but it was able to be defended again which has led to technical buying, taking prices back into first resistance from 1003-1008 1/4. The hurdle above here comes in from 1021 3/4-1028. Above that and the market could have some runway to work with.

Technical Levels of Importance
Resistance:1003-1008 1/4***, 1021 3/4-1028***, 1055-1062 1/2****

Pivot: 982-985

Support: 963 1/4**, 940–945 1/4***

Friday’s Report (average) Estimates

• Yield: 51.6
• Harvested Area: 86.306
• Production: 4.453
• US Ending Stocks: .457
• Quarterly Stocks: 3.231
• World Ending Stocks: 132.20

Seasonal Tendencies Update
(Updated on 1.7.25)

Below is a look at historical price averages for January soybean futures on a 5, 10, 15, 20, and 30 year time frames (Past performance is not necessarily indicative of future results).

Commitment of Traders Update
(Updated on 1.7.25)

Managed Money reduced their net short position by 25,436 contracts from December 24h to December 31st, trimming their net short position to 42,447 contracts.

Wheat

Technicals
What has been the “anchor” recently as it continues to fish for a low. Support from 520 3/4-529 will be important for the Bulls to defend but more importantly will be a close above resistance. For this market to get some wind in it’s sail defending support will not be enough, the Bulls need to see consecutive closes back above 548 1/2-554 3/4 to spark a more meaningful rally. Until then, the Bears have the advantage on the chart.

Want to keep Reading? 

Check out our full article breaking down the wheat markets! 

https://bluelinefutures.com/2025/01/10/grain-traders-await-new-news-from-the-usda/

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