FeedDinner 2018

November soybeans on Monday closed lower, nearer the session low and hit a fresh four-week low. Bulls have faded badly, including a bearish weekly low close last Friday, but no serious chart damage has occurred. The key "outside markets" were bearish for soybeans Monday, as the U.S. dollar index was firmer and crude oil and stock index prices were sharply lower. Prices are still in a six-month-old sideways trading range at higher price levels on the daily bar chart. However, prices have been trending lower for three weeks. Soybean bulls still have the overall near-term technical advantage. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing November prices above solid technical resistance at $13.50 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below major psychological support at $13.00. First resistance is seen at $13.25 and then at today's high of $13.30. First support is seen at Monday's low of $13.08 and then at $13.00.

$15.38 -------- the contract high 
  $13.60 1/2 --- 10-day moving average 
  $13.70 3/4 --- 20-day moving average 
  $13.52 ------- 40-day moving average 
  $8.19 3/4 ----- the contract low 
 
  DECEMBER SOYBEAN MEAL

December soybean meal on Monday closed lower, near the session low and hit a fresh four-week low. The bulls still have the overall near-term technical advantage, but are fading. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at $360.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the May low of $337.00. First resistance comes in at $350.00 and then at Monday's high of $352.50. First support is seen at today's low of $346.70 and then at $345.00.

$370.90 --- contract high 
  $359.70 --- 10-day moving average 
  $362.00 --- 20-day moving average 
  $353.60 --- 40-day moving average 
  $247.00 --- the contract low 
 
  DECEMBER SOYBEAN OIL

December bean oil on Monday closed lower, nearer the session low and hit a fresh five-month low. Bulls have faded badly recently and bears have the near-term technical advantage. Prices are in a choppy four-month-old downtrend on the daily bar chart. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 57.00 cents. Bean oil bears' next downside technical price breakout objective is pushing and closing prices below solid technical support at the March low of 53.65 cents. First resistance is seen at 55.00 cents and then at Monday's high of 55.43 cents. First support is seen at Monday's low of 54.23 cents and then at 54.00 cents.

61.45 --- the contract high

56.55 --- 10-day moving average

57.14 --- 20-day moving average

57.12 --- 40-day moving average

38.49 --- the contract low

FeedDinner 2018