Soybean futures (ZS) is one of the most actively traded agriculture futures products in the market.
To become a good Soybean futures trader, it is crucial for one to have the latest insights and information on all relevant updates.
In this post, let me share 5 important sources of information that I personally use to gather news and data for Soybean futures!
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#1 Weekly Weather and Crop Bulletin by US Department of Agriculture (USDA)
The Weekly Weather and Crop Bulletin is a report released by USDA at 4:00 p.m. on the second workday of each week.
In this weekly update, you will find important information on soybeans, such as:
Weather conditions in soybean-producing countries, such as the US, Brazil, and Argentina.
The planting/growth progress and crop condition for soybeans, relative to the previous week, year, and 5-year average.
Since this report is released weekly, it is an important report that helps traders understand the latest updates on the soybean market.
#2 Weekly Export Sales Report by USDA
The weekly export sales report is released weekly, and provides data on the weekly soybean export activities of the US, relative to the previous week, year, and 5-year average.
#3 The World Agricultural Supply and Demand Estimates (WASDE) report by the World Agricultural Outlook Board (WAOB)
The WASDE report is released monthly, usually between the 8th and 12th of the month, by WAOB.
WASDE provides insights and forecasts on the supply and demand of U.S. and world soybean.
In other words, you can find a series of data and information on soybean-producing countries (US, Brazil, Argentina), such as:
Production
Export
Import
Stocks
#4 Production, Supply, and Distribution (PSD) data by USDA
Released on a monthly basis, the PSD Data provides insights on the production, supply, and distribution of agricultural commodities (including soybeans) for the U.S. and key producing and consuming countries.
Generally, the insights on PSD Data tend to overlap with the WASDE report in #3, with some additional information that the WASDE report doesn't have:
Brazil and Argentina's soybean yield data and planting acreage.
#5 Aggregated news sources on Tradingview
Lastly, when data gets overwhelming, I like to read the news to gather key information on data releases quickly.
For this, I enjoy Tradingview's news aggregation feature.
This is probably my favourite way to gauge the overall sentiment toward a weekly or monthly data release:
Verdict: Use the latest data and insight to make better trading decisions
As a soybean futures trader, having access to the latest information and data is crucial to making better trading decisions - all while being agile to shifts in market conditions.
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Disclaimers
Any of the information above is produced with my own best effort and research.
This post is produced purely for sharing purposes and should not be taken as a buy/sell recommendation. Past return is not indicative of future performance. Please seek advice from a licensed financial planner before making any financial decisions.
Leverage is a financial tool that comes with its advantages and risks. Please learn and understand both the upsides and downsides of leverage before using it for trading.
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