MARKETS NEWS
Darin Newsom DTN Senior Analyst
Tue Feb 11, 2014 03:16 PM CST

Warning Signs in March Beans

At first glance, soybean market bulls like the look of the March contract's daily chart. Tuesday saw the contract test Monday's pre-report high of $13.40, closing near its session high of $13.37 1/2. But a closer inspection shows possible short-term warning signs.

First, going back to Monday's session, March soybeans posted a bearish reversal. After posting its new high ($13.40), the contract took out last Friday's low of $13.20 before closing lower for the day. Tuesday's rally saw the contract struggle against the previous high, opening the door for increased noncommercial during the overnight session.

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