Last week November 2012 Soybeans opened at $15.96½ per bushel and closed the week at $15.51½. No doubt we are seeing harvest pressure on bean prices. But what happens when harvest is over and supplies begin to drop? What everyone will try to answer over the next few weeks is “Will the South American soybean crop be enough to make up shortfalls in world supplies?”
Looking at the daily chart below, you can see Sept. 12 when the September WASDE report was released — a bullish report that had a one day affect on price action. Note that this coming Thursday, Oct. 11 we will see the release of the October WASDE report.
Technically, we see ADX at 41.9 with a slight drop over the last few trading sessions. ADX does reflect a strong downtrend as the price action came down off of $17.50. MACD is bearish, but dropping divergence from below the signal line, and Stochastics are oversold but look itching to correct. And look at the Oct. 3 price action testing $15.00. See the candle formation?
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