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.
Soybean futures saw wild price action today in Chicago, opening sharply lower before rallying into the close. In the last five minutes of the trade, we saw buyers enter the market even as the dollar index was showing strength and crude oil was absolutely tanking -- down $5.40 a barrel.
Some key support levels were tested today, with JAN soybeans trading below $11.00 early in the day, rallying back, and then retesting $11.00 again late in the session. Below is a 5-minute chart taken from the Firetip platform detailing today's move. You can see we were trending lower late in the session before printing a strong close. The bulls certainly showed resolve late in the day, but we look for the $11.00 level to be broken as we move forward.
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