Near Term (Basis July):  Bearish, still cautious

All week long the small attempts at extending higher to get the July contract fully established above the 18-day moving average have come up short and this keeps us on the cautious side of still near-term bearish the bean market. This $9.50 level in general has provide solid technical support after a month of straight down trading in the month of March took the market $1.00 lower with hardly a correction to the upside for the effort. We could see this recent few weeks of sideways to firmer choppy trading as a correction in time instead of price, and if this ends up being the case there is another good move lower still to come…sooner rather than later. 

Long Term (Basis Weekly Chart):  Bearish

Our long-term technical outlook is bearish. Major resistance for the weekly chart is $9.84 while support for the weekly chart is $9.34 and then $9.19 ¾. 2017-04-20 17_00_43-042017_SF_Daily_Commentary_Soybeans [Read-Only] - Microsoft Word2017-04-20 17_00_34-042017_SF_Daily_Commentary_Soybeans [Read-Only] - Microsoft Word

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