The USDA report has been released and will provide an analysis in tomorrow's report.
May soybeans closed unchanged on light volume of 125,687 contracts. Total open interest increased by 1,005 contracts, which relative to volume is approximately 60% below average. The May contract lost 1,653 of open interest and July -87. As this report is being compiled on March 31 after the release of the USDA report, May soybeans are trading 4.50 higher and have made a daily high of 14.66 1/2 and a low of 14.23. The high on March 31 has taken out the March 20 high of 14.56 1/2 and the low is above the print on March 26 of 14.20 3/4. Prior to the report, we were advising clients to liquidate positions and move to the sidelines. At this juncture we recommend a stand aside posture . May soybeans remain on a short and intermediate term buy signal.