Soybeans January bounced off 1250 and went for a test of strong resistance today at 1264/65. We topped almost exactly here at 1263 and this area could hold the topside again today. However, any shorts need stops above 1268 as a break higher could target 1274/76 for a selling opportunity at this stage.
We are very oversold so we may be witnessing a bottoming out this week, but break below 1250 in this 2 month bear trend certainly cannot be ruled out and targets 1245/44 and may be as far as 1237/36.