Soybeans Survive First Serious Test On Charts
Balance sheet remains tight for soybeans although there are some cracks.
Bryce Knorr
Published: Sep 22, 2008
Of all the ag markets, soybeans appeared the most tied to the chaos on Wall Street last week, as hedge funds were forced out of long positions to raise cash. With all their noted volatility, soybeans attracted the big speculators who also are involved in the mess in the financial market.
Beans as a result had some very scary moments last week, but survived. November futures held an important test of $11 on the charts — futures can't afford to break much below that without triggering a very negative trend change.
While the soybean balance sheet remains very tight, there were some cracks. So far at least, soybean ratings appear to be holding up better than corn. Frost also doesn't appear to be an issue. For one thing, the crop is racing to maturity. And, while frost shows up occasionally in the American model, it's so far been inconsistent.
To read Bryce Knorr's complete weekly soybean review, click HERE.
Permalink: Click here
Tagged: soybean, soybeans, farmfutures, farmfutures.com, bryce knorr
|