Soyameal:
Soyameal price has not been following our preferred route on the chart and price has been taking out some very important supportive levels lately. The bottom of the story is the same as with soybeans but with the values of the soymeal contract. For now we look for price to drop another 3-5% during the come 1 to 2 weeks after which we will see whether we can try to name a tradable bottom again or whether we should start considering an alternative scenario. Pivotal resistance is at 324 basis the March contract.
Soyameal price has not been following our preferred route on the chart and price has been taking out some very important supportive levels lately. The bottom of the story is the same as with soybeans but with the values of the soymeal contract. For now we look for price to drop another 3-5% during the come 1 to 2 weeks after which we will see whether we can try to name a tradable bottom again or whether we should start considering an alternative scenario. Pivotal resistance is at 324 basis the March contract.