MARKETS NEWS
Technically Speaking Blog
Darin Newsom DTN Senior Analyst
Mon Mar 10, 2014 02:10 PM CDT

It seemed almost inevitable that the soybean market would come under pressure. The May contract has rallied from a low of $11.75 1/2 (week of August 5, 2013) through last week's high of $14.60, a gain of almost $3.00. Support has come from both sides of the market, with unquenchable export demand reflected in the strengthening inverse of the May to July futures spread (third study, green line) as it closed at 33 cents last week, while noncommercial traders continued to build their net-long futures positions (bottom study, blue histogram) as reported by weekly CFTC Commitments of Traders reports.

But ...

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