Near-term Bottom for Soybeans?

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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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Futures trading involves substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.

Blue Line Futures is a member of NFA and is subject to NFA’s regulatory oversight and examinations. However, you should be aware that the NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians or markets. Therefore, carefully consider whether such trading is suitable for you considering your financial condition.

With Cyber-attacks on the rise, attacking firms in the healthcare, financial, energy and other state and global sectors, Blue Line Futures wants you to be safe! Blue Line Futures will never contact you via a third party application. Blue Line Futures employees use only firm authorized email addresses and phone numbers. If you are contacted by any person and want to confirm identity please reach out to us at info@bluelinefutures.com or call us at 312- 278-0500


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