Soybeans Tech Update

Grain Market Commentary

Wednesday, March 13, 2019

by Jacob Christy, Freedom Program Trader

After a reversal session yesterday, bean prices were able to extend their bounce here today. Fundamentals have taken a back seat to money flow over the past two weeks making the charts a key focus for much of the trade. The bean market has been on the defensive for much of the month, but with a key reversal yesterday prices are beginning to turn the page.

May futures were able to hold a secondary support range yesterday in reversal action. The bounce not only came off old lows, but also key Fibonacci retracement bands. Those gains were extended today, confirming the reversal. Closing above the 900 should also help underpin the market as it looks to solve an oversold condition. With that said, breaching the cluster of moving averages from 915-920 and getting back into its broken upper trend channel will be a tall task.

Selling interest has waned for beans over the past two days. Traders are looking for fresh inputs before committing to new positions. For now, the bounce feels more a combination of sympathy to grains and profit taking rather than a true correction. Expect choppy, range bound trade to develop as the market moves from oversold to neutral as we await the next fundamental driver.

The Andersons Tech Update Soybeans March 13, 2019

The Andersons Tech Update Soybeans March 13, 2019