What could cause a soybean turnaround?
Chart signals and fund short covering could help prices, but USDA reports are key.
Soybeans slumped to their lowest price since the end of August yesterday, pressured by forecasts for rain in Argentina and fears of slowing Chinese demand. But price charts show a few bullish signals and fund short covering could provide fuel for a rally because big sellers hold a huge bearish bet hoping prices will fall.
But USDA’s Jan. 12 reports must be bullish to light this tinder and avoid a seasonal break into February.
Source: UkrAgroConsult
