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January Soybean Futures Update


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January futures respected the triple line of support that had been evident a week ago with the uptrend from August currently still intact. Nearby resistance is the October high of 10.13. The uptrending channel objective is currently at 10.28 but that will probably take help from next week's USDA report to achieve. In the meanwhile it wouldn't be a surprise if the market retraced a bit as the market is entering a cycle convergence window on Friday. This current cycle turn point coincides with previous cycle turn points that formed the April, August, and October lows with minor swing points appearing in August and September. Initial support begins at the 18 day moving average at 9.91 followed by a layer of support at the 9.81-9.83 level. Technical damage will be inflicted with a daily price close below 9.81.

A price close below 9.63 will technically end the process of higher highs and higher lows and give the bears the upper hand.


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Steve Fast is the owner and technical analyst of Commodity Concepts LLC based in Ohio. It is a futures chart based grain advisory service which utilizes professional trader techniques to assist in the decision making process. Clients normally utilizing this expertise are farmers, futures brokers, and grain buyers. He has been involved in the grain industry for over 36 years. Thirty-four of those years were in grain elevator management, merchandising and origination.  He began both the farmer advisory service and farming part-time in 2000. In 2015 he transitioned into full time grain farming as well as broadening the scope of the advisory service. More information can be obtained by logging onto www.commodityconceptsllc.com

 

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