Soybeans Open Lower, But Bulls Show Resolve Late
Dec 14, 2011
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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