March soybean futures a selling opportunity on more price weakness.

 See on the daily bar chart for March soybean futures that prices have backed down from last week’s high as it appears the bulls have run out of gas. See at the bottom of the chart that the Moving Average Convergence Divergence (MACD) indicator has just produced a bearish line crossover signal, whereby the thick blue MACD line crossed below the thin red “trigger” line. Also, given the very weak technical postures of the corn and wheat futures markets, that is a bearish drag on soybeans, too. A move below chart support at $12.97 ½ would become a selling opportunity. The downside price objective would be $12.00, or below. Technical resistance, for which to place a protective buy stop just above, is located at this week’s high of $12.35. Remember that the “mini” grain futures contracts are a liquid and viable way to trade the grain markets.

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