November Soybean Futures Pause Before Report

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November futures have scored 9 new contract highs out of the past 12 trading days dating back to February 20th. With the USDA report looming on Thursday the market posted a Doji Star on the chart to complete the Wednesday trade. This normally is considered a point of indecision as the market will either pause before an upcoming event or it is the end of a trend. The trade's response to the USDA report will go a long way in determining this outcome. From a bearish standpoint there is minor bearish divergence evident between price and indicators which tends to have a gravitational effect. Initial support would be found at 10.36 followed by the 18 DMA at 10.28. Secondary support appears at a former resistance trendline and the 40 DMA currently at 10.11. If the market decides to continue the uptrend, there will be resistance initially found at 10.58.

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