Darin Newsom DTN Senior Analyst
Sat Feb 1, 2014 06:59 AM CST

Soybeans: "Stuck in the Middle" (Long-term)

If you go back to Friday's post "Trend Table Update", you'll see an oddity in the soybean market. Every trend (minor, secondary, major) for both futures and futures spreads, so six total, is sideways. The most logical conclusion? Soybeans simply don't know which direction to go, staying stuck in the middle for the time being.

The monthly price chart (top chart) shows the monthly close for the nearby March contract of $12.82 3/4 holding above technical price support at $12.44 3/4, a price that marks the 67% retracement level of August 2013 range from ...

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