Here Is My Soymeal Trade

22 Mar 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 Meal Futures--- Soybean meal futures in the July contract are trading higher by 280 points currently trading at 274.2 a ton as I’m keeping a close eye on this market as a possible bullish position could be at hand if prices break 277 then I will be recommending a futures contract while placing the stop loss below the 10 day low which stands at 268 risking around $900 per contract plus slippage and commission as the chart structure is outstanding at the current time.

Soybean futures have broken out to a 4 month high as I’m currently recommending a bullish position as I think the soybean meal will start to ride their coattails soon to the upside as this commodity has been in a bearish trend over the last 6 months bottoming out around 3 weeks ago as we are starting to enter the highly volatile spring and summer months as I think a short-term bottom has been created. In my opinion wait for the breakout to occur at 277 so do not jump the gun as I’m a trend follower and I want to make sure that the trend has developed so be patient as we could be in this position later today or this week in my opinion. TREND: MIXED –CHART STRUCTURE: OUTSTANDING

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