Soybean export prices on the rise.

Soybean export prices rose in July ‘20 averaging 3364/TON an increase of $14 from June. Oilseed production is forecast at 610 million tons, up 6 million from July ‘20 due to an increase in soybean crop in the U.S. The U.S. Farming Department on Thursday said Chinese purchasers booked arrangements to purchase 197,000 tons of U.S. soybeans, the seventh weekday in succession that the administration has detailed a deal to the world's top purchaser of the oilseed.

In a different report, USDA said week by week send out deals of soybeans through Aug. 6 added up to 2.13 million tons, the most since November 2016. USDA helped its 2020/21 U.S. soybean send out gauge by 75 million bushels to 2.125 billion bushels in its month to month World Agriculture Supply and Demand Estimates report it delivered on Wednesday.

Soybeans futures rose 1% during this morning's European session recapturing the 9th July highs (908.9). Large and small speculators have significantly increased their bullish exposure to this soft commodity, while Smart Money Hedgers are heavily net short. Sloping trendline resistance zone (1) now joins with 61.8% fib retracement, taken from the January highs of this year and the lows of April, which could provide a good selling opportunity. Above resistance at (2) negates this downside view. Above 930s puts the Bulls firmly in control paving the way to 960s as a first target to watch for (Jan Highs)