The soybean market appears to be showing some concern about the number of U-S acres still unplanted with wet weather becoming a concern.
Grain Farmers of Ontario analyst Marty Hibbs says that concern saw a rally in soybean prices this week.
While that’s turned short-term chart indicators from negative to neutral, Hibbs says the main trend remains down and a close above 10 dollars on the lead month would be needed to get something going on the upside.
This week’s GFO market commentary suggests the pace of the slide in corn prices appears to have slowed.
Hibbs expects a selloff and a quick rebound before there’s reason to get excited.
He’s got all chart indicators continuing to point downward, with initial support at the 3.50 a bushel mark.
On the wheat charts, GFO sees initial support at 4.80 and 4.60, with overhead resistance still at 5.50 a bushel.
Hibbs says all wheat chart indicators still point down.
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