Soybean Futures—Soybean futures in the November contract continues its torrid bullish momentum to the upside for the 4th consecutive session up another $0.12 at 10.63 a bushel as this market looks to test the $11 level possibly in the next couple of days.
Fundamentally speaking planting in Brazil is lagging due to La Nina dryness as the Mato Grosso Institute of Ag Economics noted it is the driest start to the growing season in at least the last decade coupled with the fact that China has come back big time into the U.S soybean market as carryover levels continue to shrink on a monthly basis as we went from massive supplies to tightening supplies in a matter of months.
I have been recommending a bullish position from the 9.14 level and if you took that trade continue to place the stop loss under the 10-day low standing at 9.85 as an exit strategy, however the chart structure will improve in 3 trading sessions therefor the risk will be reduced substantially. At the current time I also have bullish recommendations in wheat and soybean meal which are sharply higher once again today as trading with the path of least resistance is the way to go over the course of time as counter trend trading can be very frustrating.
CHART STRUCTURE: POOR
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