MARKETS NEWS
Darin Newsom DTN Senior Analyst
Mon Oct 28, 2013 02:04 PM CDT

An Odd Broadening Pattern in Jan Beans

Despite continued bullish long-term commercial outlook, as indicated by the inverse in the Jan to March soybean futures spread (bottom study, green line), the January soybean contract was punched in the gut Monday, closing within striking distance of key technical price support.

The sell-off of about 25 cents left the contract in position to test its recent lows of $12.65 1/2 and $12.61 1/4, both near technical support at $12.59 1/2. This price marks the 61.8% retracement level of the previous uptrend from $11.69 through the high of $14.06. The 67% retracement level ...

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