Are Soybean Prices Going Lower?

02 Jan in Blog, commodity consulting, commodity trading, corn futures, futures broker, Kansas City wheat, Michael Seery, Minneapolis wheat, oat futures, rough rice futures, Seery, soybean futures, soybean meal futures, soybean oil futures, wheat futures

Soybean Futures--- Soybean futures in the March contract settled 16 cents lower at 10.07 a bushel trading below their 20 and 100 day moving average telling you the trend is bearish as I’ve been recommending a short position placing your stop above the 10 day high which was at 10.66 and earlier this Monday prices traded as high as 10.68 but did not close at that level as the stops are always based on a close only basis as prices have now sold off for the 4th consecutive day dropping around $.60 from Monday’s high. The next major level of support is at 9.91 which was hit on December 3rd if that level is broken you have to think that a possible retest of the contract low could be at hand as the chart structure will not improve for quite some time as the stop will remain at 10.66.

The U.S dollar hit another multiyear high today causing many commodities to head lower as soybeans have been very stubborn over the last 6 weeks as Monday prices traded briefly at a 7 week high, however with excellent South American weather which should produce another record crop & a strong U.S dollar I still believe that soybean prices are headed lower.

If you did not take the original recommendation the chart structure is awful at the current time so wait for some type of price kickback before entering as the 10 day high will not be lowered for quite some time as carryover levels are still extremely high historically speaking and I do think some of the demand will start to shift to South American soybeans in the coming months so continue to remain short. TREND: LOWER –CHART STRUCTURE: POOR

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