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Soybean Update

This was the update on 9/27/20

Now that they have hit both of these targets, 1045.00 becomes the long term swing point. On a break from this area the target is 945.00, this is 38.2% back to the 5/14/19 low. This level is our short term swing point that they must stay above to say the uptrend will continue. Any break from 1045.00 that only goes 23.6% back of the same move at 985.00 keeps the market very positive. With a couple solid closes above 1045.00 the long term target is 1165.00.

The break from the long term swing point of 1045.00 went down to 985.75, keeping this market very positive. It will still need a couple close's above 1045.00 to say they are going for 1165.00, this is 38.2% back to the all-time high. On a failure to get above 1045.00 on this current rally it should send them down to 38.2% of the 5/14/20 low, this level is 945.00.