Marty Hibbs of the Grain Farmers of Ontario notes soybean prices on the May contract have dropped 30 cents since February 22nd.
He says the concern now is the one-year trend line which needs to stay above a $9.85 support level.
If not, the May contract will likely continue down under pressure and Hibbs feels the spring could see much lower prices on the lead month contract.
Now that the March contract has expired, corn prices are being supported at $3.50 a bushel.
The analyst says a rally could move prices towards the $3.70 or $3.75 mark and his major trend line points towards $4.
The switch to May has provided some relief from pressure on wheat prices.
Hibbs points out prices are now in corrective mode while overhead resistance is set at $4.40.
