July soybean futures have been volatile over the last five sessions, trading in an average daily range of 52 cents. The market is threatening the upper end of the recent trading range which is also the contract high. If the Bulls can chew through this pocket, it would put prices in "uncharted territory" and momentum could begin to feed on itself. With that said, there is a risk/reward trade to the sell side against technical resistance, because you know where you are wrong and it's well defined, new contract highs. Weather will continue to be a pivotal player in price action. Right now, it seems that weather is near ideal for some of the major producing states.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.