CBOT soy in fledgling price uptrend

May soy futures at the Chicago Board of Trade are presently in a two-week-old price uptrend on the daily bar chart, with prices on Tuesday (Feb 23) poked to a fresh four-week high.

May soy have recovered around 60 cents a bushel from the February 4 low of US$9.11 a bushel.

Looking back, it appears that the seasonal "February Break" phenomenon in the grain markets paid an early visit this year, as soy futures prices spent the month of January trending lower.

The next major upside price objective for the soy market bulls is pushing and closing May futures prices above psychological resistance at US$10 a bushel. Below that key price level lies chart resistance at Tuesday's high of US$9.75 3/4, at US$9.85 and then at the December low of US$9.97 3/4.

Technical support is located at Tuesday's low of US$9.62 and then at this week's low of US$9.53 1/2. Solid near-term chart support is located at last week's low of US$9.41 in May soy.