Soybean technical outlook 19 Oct 2009

I'm a bit late to update blog today.....while i write this blog Nov09 soybean are trading around 992.25 up 14.75 . Soybean trading follow crude oil that still higher and a mild support from weak dollar. Speculative money flow in to soybean last week that add around 40,000 contract net long was a support for bean prices. The weather condition that impact to harvest delay is still sensitive factor for soybean price , the forecast show drier weather in the US Midwest will good for harvest progress before more rains expected during mid week to next week would disrupts the harvest again. USDA export inspection reported actual is 39.092 million bushel better than expected at 15-30 million bushels. The next technical upside resistance of Nov09 soybean contract is 996-1000 cent, I think price should rally to this resistance level again.