Technical Forecast for Soybeans

Soybeans continued higher to hit our target of 1396 & topped almost exactly here at 1398. We are getting very overbought but a break higher cannot be ruled out and could target September’s high at 1409. There is a risk of a high for the day here today but above 1411 we could target 1419.

 

Immediate support is 1371/70 but below here look for 1354. A break below yesterday’s low at 1348 risks a slide as far as the gap at 1332.