After a weak breakout beyond 1432, we've seen what appears to be a half-hearted sideways period that has included attempts to break back down again.
Dunno about everyone else, but in my opinion it wouldn't take much of a downside surprise in the USDA report to really cause a shakeout here - perhaps a full giveback of all gains from the past 8 weeks even.
This would mean a drop back to the 1222-1248 zone (basis march) by the march first notice date if I'm reading it correctly. I'm thinking some of the support over recent days has more to do with strength in the other grains than systemic strength in beans themselves. The 'breakout' above 1432 seemed to be on lighter than usual volume for such moves IMO.
What say you guys?
