Grains are getting weaker but bean complex seems not giving up yet. Soybean meal contract (ZMN) is probably forming a top. Price bounced back for five consecutive days from 477.0 creating a nice floor. A trade below 477.0 will brake the support projecting price towards the next level and bear 1/2 Gann line. Not a seasonal trade but price are almost at historical highs. A trade higher above 494.0 would negate this study.
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Study not valid anymore - 19 May 2014 - Soybean Meal moving higher