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Historical highs suggest soybean futures face strong resistance above $ 16

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Historical highs suggest soybean futures face strong resistance above $ 16

A market analyst points to historical highs, while farmers are thinking about the growth potential of soybeans.

Kent Beadle of CHS Hedging says it was a high of $ 16.63 in 2008, and five years later the price was $ 16.30.

“So, two of the major years we reached a peak somewhat close to our highs last week, from which we reversed. And I think there are some technical reasons for that. “

Soybean futures also hit $ 16.77 a year ago, and Beadle tells Brownfield that there will be significant resistance to challenging highs over a lifetime.

“That’s about $ 17.92, which I did in the middle of the 2012 drought.”

Beadle says domestic demand for soybean oil will help set a price cap, and “being expensive right now doesn’t necessarily slow down demand so much.”



https://brownfieldagnews.com/news/historical-highs-suggest-soybean-futures-face-stiff-resistance-above-16/ Historical highs suggest soybean futures face strong resistance above $ 16

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