In observance of Good Friday, there will not be any opening or closing Market Commentary on March 29, 2024. 


Soybeans Tech Update

Grain Market Commentary

Wednesday, November 20, 2019

by Jacob Christy, Freedom Program Trader, The Andersons

Another day, another session where beans can’t sustain early price gains. Improving South American weather, and a lack of confidence in a phase one trade deal have proven too much for beans to remain near their interim highs. With the setback prices now sit at precarious chart support begging the question if the market has done enough to entice new longs or further downside is need.

Nov20 futures spent much of October forging a double top and trading within reach of contract highs. However, without confirmation of a trade deal, momentum was left in limbo. With the market deeply overbought there just wasn’t enough reason to push to new highs and the rally ultimately failed. The market has since spent this month correcting out of the overbought condition.

Prices have now fallen to major support at the combination of a long term ascending trendline and the major moving averages. It will be important for the market to hold here as little technical support comes in until the main Fibonacci band some 10-20c lower. With that said, the market is now deeply oversold, which would help a recovery effort if support proves strong enough.

An interesting few sessions lie ahead in determining the short-term technical outlook for beans. Stay tuned.

The Andersons Tech Update

The Andersons Tech Update