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March Soybeans futures trading
Last Week’s Close: March soybean futures finished yesterday’s session down 8 ¼ cents, trading in a range of 11 cents. Funds were estimated sellers of 7,500 contracts on the day.
Fundamentals: With the dud of a USDA report behind us, attention has quickly turned back to trade negotiations with China. We do not expect much to come from the meetings but continue to believe the continuous discussions will keep a floor in the market and make dips a buying opportunity.
Technicals: Just by looking at the chart, you wouldn’t have guessed we had a USDA report on Friday. The market has been trading with the 200-day moving average for the last 12 sessions. The lack of volatility keeps many of last week’s technical levels intact this week. First support this week comes in from 908-913, a close below this pocket opens the door for a run at that psychologically and technically significant $9.00 handle. A spot where we would be buyers on the first test.
Resistance: 918 ¾-922 ½*** 931 ¼**, 941-947****
Support: 908-913***, 897-900 ¼****
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