Soybean Futures—Soybean futures in the November contract settled last Friday in Chicago at 9.04 a bushel while currently trading at 9.48 up around $0.45 for the trading week as prices have now hit a 7 month high.
Fundamentally speaking this situation has turned bullish as China has come back into this market coupled with the fact that there are sections of hot and dry weather throughout the Midwestern part of the United States causing concern that the crop might deteriorate as we head into harvest.
I have been recommending a bullish position from around the 9.14 level and if you took the trade continue to place the stop loss under the 10-day low which now stands at 9.01 as an exit strategy as I still think there is room to run to the upside. The next major level of resistance stands at the January 8th high of 9.82 and I think that could be hit next week as the grain market looks strong as I also have a bullish soybean meal recommendation to the upside.
CHART STRUCTURE: SOLID
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