How Much Lower Will Soybean Meal Prices Go?

Core Viewpoint - March soybean meal futures are presenting a selling opportunity due to recent price weakness and the formation of a bearish head-and-shoulders top reversal pattern, indicating a near-term market top is established [1] Group 1: Technical Analysis - The daily bar chart for March soybean meal futures shows a bearish head-and-shoulders top reversal pattern, suggesting a market top [1] - The moving average convergence divergence (MACD) indicator is in a bearish posture, with the blue MACD line below the red trigger line and both trending lower [1] - A move below chart support at $318.00 would empower bearish traders and create a selling opportunity, with a downside price objective of $295.00 or lower [3] Group 2: Fundamental Analysis - China, a major soybean importer, has pledged to buy more U.S. soybeans, but this news seems to be already factored into current futures market prices [2] - There are concerns that China may not meet its pledge to purchase 12 million tons of soybeans by the end of the year, especially given its large stockpile of soybeans [2]