Of the grain markets, soybeans have the best fundamentals to support their pricing, but they ran up almost $2 in a matter of a couple of weeks, and are well deserving of some consolidation. This story sounds hauntingly similar to equities. Even the timing of when the markets based and consolidated are very similar.
Nov beans have fallen into a very strong support level and could begin basing from this area. On 8/14/09 we received a long term sell signal after maintaining a long term buy signal since 7/20/09. On 8/13/09 we received a short term sell signal, that could potentially end within the first part of the week. Some of the pressure may have been due to the Aug beans expiring with more deliveries known than had recently been determined.
If the market should consolidate in the current area, $9.97 to $10.03 would be the first level of resistance. If the market pushes farther, $10.19 to $10.30 would be a major resistance level.
There is strong evidence the market will at least find short term support in the $9.65 to $9.50 area.