Shore Capital Management LLC

Soybean futures have been all over the place, if you blink you may miss the move of one direction. The market's latest move, (basis Nov) topped out at $10.66 on 8/13/09. On 8/14/09 we received a longer term sell signal. By 8/18/09 the market reached $9.42. In our last soybean comments we noted soybeans would find major support between $9.65 to $9.50.

The market closed on 8/21/09 at $9.7625. Soybeans appears to be basing for the next leg up to test the recent highs, but it has also entered into major resistance level and could be a struggle for the market to close above $10.

There is very strong resistance in the $9.82 to $9.97 range. If this is broken, the next major resistance level is $10.08 to $10.16, but could possibly push to $10.25 to $10.30.

The next level of support is $9.71 to $9.50.  If it breaks below this level there is major support in the $9.44 to $9.36 and could possibly make a quick push to $9.29. However, the fundamentals are still bullish to probably maintain the recent lows.