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.
