Chart of the day: Soybeans
The sell grains buy beans trade, might not be as pronounced as normal, with Corn and Wheat looking a bit flat. Soybeans though on the flip side has been putting in some strength over the last week after bouncing off key resistance at 929. Fundamentally looking like its in a better place with stronger exports and help from a strong Brazilian Real. Technicals are moving stronger in the longer time frames. Momentum on the daily chart pushing north and price holding above the intermediate moving averages. A potential upside move based on Fibonacci / Ichimoku could see late 900's then 1026 targeted in the medium term. If it doesn't play out, then down side support may be found at 960, 950 then 2016 low levels at 930.
The sell grains buy beans trade, might not be as pronounced as normal, with Corn and Wheat looking a bit flat. Soybeans though on the flip side has been putting in some strength over the last week after bouncing off key resistance at 929. Fundamentally looking like its in a better place with stronger exports and help from a strong Brazilian Real. Technicals are moving stronger in the longer time frames. Momentum on the daily chart pushing north and price holding above the intermediate moving averages. A potential upside move based on Fibonacci / Ichimoku could see late 900's then 1026 targeted in the medium term. If it doesn't play out, then down side support may be found at 960, 950 then 2016 low levels at 930.