MARKETS NEWS
Darin Newsom DTN Senior Analyst
Sat Apr 20, 2013 06:07 AM CDT

July Beans Still Bullish

At first glance it would be hard to characterize the soybean market as bullish. The weekly chart for the more active July contract (top chart) shows the July has been threatening a bearish breakdown as it continues to test support near $13.20, a price that marks the 61.8% retracement level of the previous uptrend from $11.43 1/4 through the high of $16.05 3/4. So often that one could argue that a triple-bottom has been established, bringing to mind the old market saying of "Triples always get taken out."

Despite market lore, the July soybean contract is ...

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