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| Soybeans would have to drop 20 plus cents today in order to close lower for the week. Even if it did the bears would have to respect that the run was $1.90 in a very short time. I doubt they will have the staying power to be very aggressive on the short side again.
Also, to expect this market to go thru resistance from last September on the first stab is asking it to do an awful lot after a 1.90 run already. It is February (not July). Even if it
does close lower for the week, a consolidation is in order before taking a stab at new highs for the move. This move has proven that it is right translated. After a pullback or consolidation the odds are for at least a test of this recent high which I feel will get taken out as we have the seasonals with us for the next few months. I think there is more to this market than we as farmers would like to believe, and that is LIQUIDITY.
Most countries are trying to outdo each other with a "race to the bottom" cheapening up their currency. | |
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Soybeans
