Beans

[cottonpicken]

In my opinion.

Top is in,even if it isn't,not much upside,great
downside risk from here.

imo nia dyodd

[charliep]

Will post the monthly soybean chart. Pretty heavy duty resistance at $14.50/bu with only first half 2008 seeing this area broken. Soybeans broke $15/bu four months and only closed above (briefly) two months. Don't see this resistance area broken short term - need something else to push higher. As with cottonpicken, only an opinion. Markets are always right at the end of the day.

[URL="http://www.farms.com/markets/?page=chart&sym=ZSK12&domain=farms&studies=Volume; &cancelstudy=&a=M"]CBT soybean monthly[/URL]

[charliep]

Likely much better technical analysts here than me but are we seeing the outline of a head and shoulders formation on new crop canola?

[URL="http://www.farms.com/markets/?page=chart&sym=RSX12"]ICE November canola[/URL]

<a href="http://en.wikipedia.org/wiki/Head_and_shoulders_(technical_analysis)">h ead and shoulders</a>

[bgmb]

How about new crop?

[cottonpicken]

0% anything new.

[crusher]

I see a pretty strong uptrend line that hasn't been broken yet. Please hold support, please, please....

[cottonpicken]

Canola has broken trend and hit its head 3 times on
ceiling,not good.

It also has been front running the bean market for
some time-not the best way to call beans,but this
level of resistance is huge.

Hopefully the whole commodity sector gets a jolt
from outside forces and we move higher.

[Kodiak]

Somebody is unloading a bunch tonight
17/04/2012 8:50 MDT
20 cents off the highs in 90 minutes.... Looks like the volumes are higher than usual for the night session. A fund lightening up?

[furrowtickler]

cotten , are you now bearish??

[cottonpicken]

Just bearish in the short term time frame.

[charliep]

Would be watching the charts carefully these days. The technical side makes me nervous. As highlighted before, would also be watching the corn and wheat charts.

[SASKFARMER3]

i thinks we seen the top for a while!
Charts do work.

[Kodiak]

Interesting that the bean spreads are not changing very much during this sell off. Corn spreads, on the other hand are weakening. The old crop/new crop spread holders are unwinding in corn. The market is not buying more bean acres today, but maybe the switchable acres are pretty much switched. Where we close today and tomorrow will tell an interesting story.