Soybean To Average USc1,175/bushel In 2011

The short-term outlook for front-month (January) soybean is fairly positive given an upside break in recent trading, which was mirrored by strength in the wider grains complex. Following a sharp correction in mid-November, the contract has formed a short-term base in the USc1,200-1,2500/bushel area. Given the recent push above resistance at USc1,248/bushel, we see potential for a choppy ascent back to the early November peak of USc1,338/bushel in the short term.

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