MARKETS NEWS
Darin Newsom DTN Senior Analyst
Fri Nov 8, 2013 03:05 PM CST

Bullish Reversal in Jan Beans

The January soybean contract seemed to be biding its time early Friday, though minutes before the release of USDA's November Crop Production and Supply and Demand reports the contract quickly moved to double-digit gains. After the report was released, complete with a larger than expected production estimate, the January contract was freed from its shackles and it started running.

Take a look at the contract's weekly chart. Notice that this week saw the January post a new low for the recent sell-off of $12.47, a test of the 67% retracement level ($12.48) of the previous ...

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