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Soybean oil prices found technical support at the 61.8% retracement of the 2019 rally and the 200-day moving average after a sharp correction. A DTN analyst says a bullish divergence suggests the correction may be complete, with prices expected to rise if they clear the $32.11 high.
This is technical chart commentary with no new supply or demand driver, so it offers little fundamental price signal for feed buyers.
dtnpf.comTregg Cronin DTN Contributing AnalystFeb 10, 2020Not enough comparable past events yet for a historical read.
Not 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.
