The soybean market has been under significant selling pressure since the August highs, breaking through some strong support pockets. Looking back to January of 2022, the market started to breakout to the upside, and we are now trading right near that breakout level after holding support very well, and the market is trying to push higher to finish out this week. There is significant support below this market as mentioned, and it has held well and bounced nicely to the upside, coming in at 12.57-12.52. When looking at key support or resistance levels, it is important to note that each time a significant level is tested, that level becomes weaker and more likely to break. If this support can hold and the market can rebound, we could see a test back at 12.89, and bulls will want to chew through that level to invite more buyers. Seasonally speaking, prices are still elevated compared to past averages. With that said, Soybeans typically can see a bottom around this time of year and look to run to the upside for an end of the year rally. For this market to make a significant move higher, bulls need to see this support pocket identified above to hold and need to see prices chew through some strong resistance with conviction as we push through harvest season.
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