Soy Deficit To Keep Prices From Falling Too Far

Since our last forecast, written in January, front-month soybean has tested the USc1,000/bushel level as we had anticipated, and has since retraced to USc949/bushel. Front-month soybean is currently trading within a triangle formation between resistance, which comes in at USc960/bushel and support at USc850/bushel. Given the recent bounce in equity markets and the slide of the US dollar, our bias is for further upside short-term and do not rule out a break above resistance.

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