Soybean Meal Futures—Soybean meal futures in the December contract settled last Friday in Chicago at 382 while currently trading at 388 up about 600 points for the week continuing it’s bullish momentum as this trend has been remarkable over the last couple of months to the upside.
I have been recommending a bullish position from the 299 level as the breakout occurred all the way back in the month of August and if you took that trade continue to place the stop loss at the 10-day low on a hard basis only at 374, however the chart structure will improve on a daily basis starting next week therefor the monetary risk will be lowered.
Soybean meal prices are trading far above their 20 and 100 day moving average as this trend is very strong to the upside as demand from the country of China continues to push prices higher coupled with the fact that the U.S soybean crop in 2020 was disappointed at best so stay long as the risk/reward still remains in your favor.
CHART STRUCTURE: IMPROVING
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