Many years ago I used to work on the trading floor of the Chicago Board of Trade, and the veteran grain traders would tell me to keep a close eye on soybean meal futures, as it many times will lead soybeans in trending price moves, including trend reversals. The price action on the daily chart for May soybean meal futures the past couple days shows a potential selling “exhaustion tail,” whereby the bears just run out of gas and the downtrend stops. However, a downtrend line is still in place on the daily chart for May meal. This week’s price action in soybean meal futures will be extra important for soybean futures. If meal can close out the week in strong fashion, including negating the downtrend line on the chart, then such would be a solid technical clue that the soybean meal and soybean markets have put in bottoms and can at least trend sideways, if not sideways to higher, in the coming weeks and few months. Stay tuned!