MARKETS NEWS
Darin Newsom DTN Senior Analyst
Wed May 1, 2013 09:42 AM CDT

Another Look at July Soybeans

A couple of weeks ago I posted a blog talking about some of the bullish signals being seen in July soybeans (April 20, "July Beans Still Bullish"). However, as a new month begins those bullish signs aren't quite as clear as they were before.

To begin with, the early stages of a promising uptrend seemed to collapse as the contract tested price resistance at $14.11. This marks the 33% retracement level of the previous downtrend from $16.05 3/4 through the initial low of $13.31 3/4. Since testing that resistance this past Monday the contract has ...

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