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Chicago March soybean meal formed a double-bottom and a doji reversal pattern after falling as much as $92 per ton since mid-November. Managed money funds cut their net long from 140,000 to 16,000 contracts as of January 9.
Technical reversal signals and the exhaustion of fund selling could support soymeal prices if the next session closes higher.
dtnpf.comDana MantiniJan 16, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
