March soybean meal (ZMH26) futures present a buying opportunity on more price strength. See on the daily bar chart for March soybean meal futures that prices have rebounded from the early January low and the bulls have gained some momentum. See, too, at the bottom of the chart that the moving average convergence divergence (MACD) indicator is in a bullish posture as the blue MACD line is above the red trigger line and both lines are trending up. Seasonality studies also favor the soybean complex futures l ...

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]