Soybeans consolidate as record-high soybean crush boosts demand

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Soybeans steady at $1,131 on value buying

Highlights

September soybean meal futures attract value-driven buying as a record-high crush underscores strong, resilient demand for soybeans.
Increased meal output is supporting robust feed sector usage, reinforcing ongoing investor interest in soybean-based commodities.
Technicals point to seller control intraday despite bullish momentum signals, with price expected to trade between $1,098 and $1,164 over the next 2–3 days.

Feed sector demand lifts sentiment amid record soybean processing

Barchart reports that September soybean meal futures have attracted value-focused buyers following another record-high soybean crush. This surge in soybean processing signals resilient demand for soybeans, as higher crush volumes elevate meal availability and feed sector consumption. The development highlights a supportive backdrop for the commodity, reinforcing ongoing interest in soybean-linked products.

Strong buy momentum as underlying support withstands mixed signals

On the H4 timeframe, ZS/USD is trading below the 20-period moving average with support found above both the 50-period and 200-period moving averages. Immediate support is identified at the Ichimoku Kijun level of $1,121. Technical indicators show strong upward momentum, as both the Moving Average Convergence Divergence (MACD) and Average Directional Index (ADX) display Strong Buy signals, while the Relative Strength Index (RSI) issues a Buy reading. The Commodity Channel Index (CCI) and Stochastic RSI remain Neutral, and Bull/Bear Power reflects oversold conditions, suggesting sustained short-term seller pressure despite mixed momentum cues.

Sideways bias as volatility band contains directional risk

Over the next two to three trading days, ZS/USD is expected to fluctuate within a forecasted range of $1,098 to $1,164, reflecting a typical volatility band relative to current levels. The baseline expectation is for sideways price action inside this zone. Bullish price movement could follow if resistance levels are breached, targeting the upper end of the range, while a break below immediate support may result in a move toward the lower boundary, although downside risk remains low.

Anton Kharitonov, expert at Traders Union, sees ongoing fundamental support for soybeans from robust crush data, but warns that price momentum remains subdued. He believes the technical outlook is mixed, with key indicators flashing bullish short-term signals, yet the overall trend is still sideways. His base case is for price to consolidate between $1,098 and $1,164 in the coming days. "Until we see a clear break above resistance or below immediate support, I remain cautious and do not recommend aggressive positioning here."

Earlier, analysts noted that soybeans maintained a generally bullish posture, with mixed technical signals pointing to ongoing market indecision. The latest surge in soybean processing and resilient demand for meal reinforce a supportive backdrop, indicating that traders should closely monitor any breaks above or below the projected $1,098 to $1,164 range for signs of a decisive directional move.

Source of Data: ZS Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

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