Soybeans turned higher in part as managed funds reduced net short Oilseed positions and long financial and energy positions. There was also talk that China may have been looking for prices for US Soybeans. Soybean and soymeal prices have become oversold and may have seen some short covering before first notice day and the weekend. Next 5-7 days could be wet across most of the US Midwest.
This could slow early field work. The 2 key news that could trigger large fund short covering would be a weather issue or a new US and China trade deal. Weekly US soybean export sales were near 22 mil bu.
Total commit is near 1,649 mil bu (-328) vs 1,977 last year. USDA goal is 1,875 (-254) versus 2,129 last year. USDA estimates World soybean trade near 5.650 mil bushels.
If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com
Skype Address: 5da1f85979b7117b
FREE TRIAL FOR THE LIMIT UP COMMODITY NEWSLETTER
If you’re looking to open a Trading Account click on this link www.admis.com
Click on Members Login—-Username—coffeeshop
Click login and then click on Blog and click on the title of the story to read—Mike 630-408-3325
Click on my live chat so we can talk as well
There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.