The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
Grain TV is a daily recap after the market close, providing opinions on fundamental analysis of market direction, influences and expectations. This daily program is produced by Grain Hedge, a discount brokerage firm that provides farmers and elevators with agricultural intelligence including live market quotes, cash bid data, the Grain Hedge Optimizer™ and mobile trading platforms, all for $7 commission per side. Grain Hedge provides tools to allow farmers the ability to trade when the markets move without having to wait for a broker and the information to execute a marketing strategy with confidence.
After a solid technical and fundamental week for Soybeans, the oilseed will run into a bit of technical resistance next week at $12.82-13.00. That price level marks the bottom of the sideways channel Soybeans traded in for nearly five months and will prove to be an important battleground if the commodity wants to rebuild its technically weak chart.
Should Soybeans cross back over 13 with conviction, another daunting roadblock lay ahead at both $13.20 and $13.40. At these levels the 200, 100 and 50 day Moving Average will almost certainly offer up some strong selling pressure.
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