Soybeans in Fledgling Price Uptrend

may_2010_soybeans.gifMay soybean futures at the Chicago Board of Trade are presently in a two-week-old price uptrend on the daily bar chart. Prices Tuesday poked to a fresh four-week high. May soybeans have recovered around 60 cents a bushel from the February 4 low of $9.11. Looking back, it appears that the seasonal “February Break” phenomenon in the grain markets paid an early visit this year, as soybean futures prices spent the month of January trending lower.
The next major upside price objective for the soybean market bulls is pushing and closing May futures prices above psychological resistance at $10.00 a bushel. Below that key price level lies chart resistance at Tuesday’s high of $9.75 3/4, at $9.85 and then at the December low of $9.97 3/4. Technical support is located at Tuesday’s low of $9.62 and then at this week’s low of $9.53 1/2. Solid near-term chart support is located at last week’s low of $9.41 in May soybeans. Stay tuned! Jim Wyckoff

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