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Today Soybean Market Will Breakout Resistance

It may take further weather developments in order to attract new buying interest or else renewed, and stronger than expected demand from China. March soybean resistance is at 1382 1/4 and it will take a close back over 1390 in order to assume a resumption of the uptrend.

Support is at 1363 1/2 and key support back at 1330 1/4.March meal experienced a downside breakout with resistance at 403.50 with next support at 386.90 and 384.80.

A 50% correction of the October through January rally leaves 373.00 as a longer-term target “if” the weather stays bearish for South America. Resistance for March soybean oil is 60.51, with 57.18 as key support.

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