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Boone Co. Iowa | Two bean charts....First is the July contract in beans. Tested the bottom horizontal line at 948ish seven times since last July, yet has never closed below it.
The second chart is the July - november bean spread. It looks to me like it has tested a bottom and is turning higher. Both of these things are indicating to me that the S. American harvest lows are in.
I don't feel too confident about either of these statements, but usually the turn happens when the feeling/sentiment is pretty bearish.
Both of these charts are getting kinda close to the red (5 day avg.) crossing the green (20 day avg). I think that when that happens, we will start to see significant short covering/buying.
My 2 cents.
Edited by WeaveFarmer 4/21/2017 13:53
 (Soybean Only0717.png)
 (17 July - Nov spread.png)
Attachments
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 Soybean Only0717.png (142KB - 62 downloads)
17 July - Nov spread.png (126KB - 68 downloads)
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nov beans ......will we break some resistance and head higher ?
