Fundamentals and Technicals Look to Push Beans Lower
Nov 08, 2011
For this week's edition of Technical Tuesday's we took a look at the JAN soybean chart.
After last month's WASDE report we started to form a descending triangle trading between 1285 and 1200. Technicians look for a breakout to the down side following a descending triangle, but the fundamentals provided in tomorrow's WASDE report will certainly outweigh any technical formations in the chart as far as the trade is concerned.
We are looking for a slight reduction in soybean yield, but with this an increase in ending stocks. On net we look for this to be neutral to slightly bearish on the bean market as export sales have continued to struggle, and in South America the start of a bin-busting crop season is under way.
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