July 23, 2014

Soybean Commentary

Posted 7/22/14

The soybean market attempted to rally on strong meal export sales but when it failed to fill the gap left Sunday night, market bears sold the market aggressively. The selling was strong enough that the new crop bean contract made a new low for the move. The early session push up was strong enough to take out yesterday’s high, then with the late session selloff, the chart put in an outside day lower which is a bearish chart pattern. This opens the door to test the $10.00 level…

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    Allendale Advisory Contributor:

    Jim McCormick

    Jim McCormick

    Jim started with Allendale in 1997 after earning an Agricultural Economics degree from Purdue University. He has been a featured speaker at several of Allendale’s Outlook Conferences.

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