Here is the chart;

(Click on image to enlarge)

Bulls pushed the price past that key level and actually into a seven month high today but that was before the export numbers hit the wires. Those were miserable; just like that they reversed course.

Two things are at work here.

First is the continued wet weather in the Delta. More and more that has traders believing the corn acreage number has seen its highest levels and the bean acreage number is going to increase. Wet weather is preventing corn planting in that region whereas beans can be planted later. Talk is that some of that acreage is going to shift to beans.

(Click on image to enlarge)

Additionally, U.S. beans are getting very expensive compared to the competition on the global markets. Those export numbers were a reminder of that fact for many traders. While the chart pattern still remains strong, short term traders will eye that failure to break through and REMAIN ABOVE $9.20 as a short term sell signal.

We’ll see if we can any downside follow through in tomorrow’s trading or whether the hedge funds want to eat more beans and add to their longs .

Very short term charts are negative.

(Click on image to enlarge)