Soybean complex.(AGRICULTURAL MARKETS)

Commodity Price Charts, December, 2005 by Roberts, Edward

January Soybeans have support at their filled Feb gap of 5.51. CC below targets the Feb low at 5.26. Resistance lies at the Jul/Nov DTL (5.70 3/4-5.64). CC above targets the Nov gap at 5.91 1/2 followed by the Jun/Jul DTL (6.15-6.09 1/4). Note '05-'06 ending stocks were estimated at 405MM bu. by the USDA vs. the average trade estimate of 386MM bu. January Soybean Meal is probing initial resistance at its Jun/Nov DTL (173.40-170.80). CC above targets the Sep gap at 185.00. Closing resistance above there lies at the filled Aug gap of 194.00. CC below support at the Oct low of 167.00 targets the Feb low at 161.00. January Soybean Oil turned south after filling its Nov gap at .2173. CC above targets horizontal resistance at the Sep low of .2232. Resistance above there lies...

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