Is The Soybean Rally Fishy?

05 Nov 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 rallied from early session lows trading as low as $9.95 a bushel in the January contract before rallying  sharply to finish up $.10 at $10.19 reversing some of yesterday’s sharp losses as this week prices are currently down $.30 as rumors circulate around that the crop insurance which ended on October 31st pushed up prices last month by about $1.50 before selling off here in recent days before recovering today, however, I’m still bearish soybeans with the U.S dollar continuing to surge higher I cannot believe that prices are going much higher from today’s levels especially with a record crop at hand.

Traders are awaiting Mondays USDA crop report with estimates around a 4 billion bushel production number and carryover levels up around 500 million as this market seems very fishy and possibly manipulated as a $1.50 rally to close right near their highs on Halloween as crop insurance companies average the price on the last day of October however, silver, gold, and crude oil prices and the commodity markets at large still remain very pessimistic. I still believe if you are a farmer start to hedge your corn and soybean crop for the year 2015 as I think this is a fishy rally in my opinion due to short term political problems. TREND: HIGHER –CHART STRUCTURE: IMPROVING

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