Are Soybean Prices Going Higher ?

06 Nov in Blog, commodity consulting, commodity trading, corn, futures, Mike Seery, oats, option trading, seeryfutures, soybean meal, soybean oil, soybeans, wheat

Soybean Futures--- Soybean futures in the January contract settled last Friday in Chicago at 10.12 a bushel while currently trading at 9.90 down about $0.22 for the trading week as I have been recommending a bullish position from around the 9.90 level as this trade has gone nowhere over the last couple weeks and if you took this trade continue to place your stop loss under the 10 day low on a closing basis only at 9.83 which is just an eyelash away.

Harvest in the Midwestern part of the United States is basically finished as we have had incredibly warm weather throughout much of United States allowing farmers to get into the fields as now we will be focused on next year's crop as traders await the next USDA crop report which has an estimate of 4.3 billion bushels or 52 bushels per acre which is another record crop once again keeping a lid on prices here in the short term.

The one positive note for soybeans is there is incredibly strong demand especially coming from China as all of the bad news has already been priced into this market so I will remain long and continue to place the proper stop loss and if we are stopped out we will move on with a tiny loss and look at other trades that are beginning to trend: HIGHER –CHART STRUCTURE: OUTSTANDING

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