1350 Proving To Be A Battleground For May Soybeans
Mar 21, 2012
1350 is proving to be a battleground early in the trade for May soybeans. It will be important to watch the close for any indication if 1350 will be resistance to moves higher as we approach the March 30th Planting Intentions report. The daily RSI has bottomed out in the near term, now at 64 after moving down as low as 62 yesterday.
Things to note
- Open interest is down 10,000 contracts from Friday
- Today's rally is on light volume compared to yesterday's sell-off
- Managed money is over 150,000 contracts net long, the largest net long position since last September
Here is a look at Firetip from a moment ago. You can see that buyers have reclaimed 1350 for now, but there are some indications that this soybean market is top heavy in the near term.
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