Soybean Bounce Expected

Last week I said "I would not be surprised to see a sell off for a few days after the report, but the market turn around quickly because the market simply ran out of sellers.".  I did not mean we would see new highs, but I think we will get a pretty decent bounce in the weeks ahead. 

​November soybeans will probably signal a buy signal today on the CCI, and sentiment readings have dropped near the 20 level that I mentioned in last weeks post.  Extreme bearish sentiment is the fuel of most market rallies.