Beanoil:
Like the rest of the soy complex, the beanoil price has developed an ascending channel during the past months with higher highs and higher lows. During the past week price developed and ascending wedge towards the higher end of the price channel from where, as per the TA rules of thumb, price broke out to the downside. We expect price to continue its corrective move down from here towards the 36.50/36.00 zone where price is expected to find a solid base for a substantial move up to reach the 40.00 level at around mid January. From there, after a minor corrective move down again, price can then trade further up to the 44.00 level before the start of spring. A break down through the 34.00 level would negate our long term bull scenario.