# Spot Soybean Meal Shows Potential Bullish Chart Signals

> 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.

- Date: 2024-01-16 · published 2024-01-16T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/11445-spot-soybean-meal-shows-potential-bullish-chart-signals
- Commodities: [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

Technical reversal signals and the exhaustion of fund selling could support soymeal prices if the next session closes higher.

## Read by commodity

- SBM: bullish ▲

## Sources

- dtnpf.com: https://www.dtnpf.com/agriculture/web/ag/news/article/2024/01/16/spot-soybean-meal-shows-potential

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.