Soybeans made it to our target of 1114/16 last week for a selling opportunity. We exited longs and tried shorts with stops above 1119. This trade worked perfectly as prices topped just below 1119 and broke support at 1098/96. We are in a 2 month bear trend and if prices hold below 1088/86 today we risks a slide to 1073 then 1070 before a retest of July lows at 1065. Just be aware that a break lower this week risks a slide to 1054/53 and below here targets 1150 then 1145/44 and 1135/33.
Immediate resistance at 1101 then 1107/08 but above here a selling opportunity at 1115/1118.