Soybeans Due to Bottom This Week

 
Soybeans Due to Bottom This Week

Pro Farmer Senior Market Analyst Rich Posson says soybeans are due to post a Level 1 business-cycle low this week and a related top is due for the market in August.

"A Level 2 top was placed last week in relation to USDA's monthly report. A weekly close above the current high of this week for the November futures at $9.06 will be a bullish development," says Posson. "A long five-week stochastic will be bullish evidence. July Brazilian futures have exhibited signs for a rally into July, which suggests firm global demand and harvest pressure has peaked... The July-to-August soybean futures spread has been bullish, suggesting strong spot demand in futures."

On the November soybean chart below, Posson uses technical indicators such as stochastic, moving averages, trendlines as well as his business-cycle analysis:

soybeans_june152015

Once a week, Pro Farmer VIP Members have access to Pro Farmer's Tech Talk, compiled by Posson, who is a certified market technician. Click here to learn more about the service and click here to become a Pro Farmer Member.

 

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Comments

 
Spell Check

CYNDI
AMANDA, OH
6/15/2015 02:06 PM
 

  Well, So if soybeans hit bottom this week....I guess that means they will go up??....hmmm

 
 
Dan
Arcanum, OH
6/16/2015 08:57 AM
 

  When do we get a bullish view from Chicago after so many bullish events. We sure get bearish news and the market reacts against farmers. Wake up CBoT

 
 
Cyndi
Amanda , OH
6/15/2015 02:04 PM
 

  Well, So if soybeans bottom this week....I guess they will go up...hmmm.

 
 

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