Soybean Futures–-Soybean futures in the January contract is slightly higher this afternoon in Chicago up $0.01 at 8.72 a bushel breaking a 8 day losing streak as prices are taking a pause at the current time.
President Trump announced today that a possible trade agreement with China might not develop until after the 2020 election as that is a bearish fundamental factor for soybean prices as that why I think prices have declined over the last several weeks as that was anticipated.
I have been recommending a bearish position from the 9.23 level and if you took that trade continue to place the stop loss above the 2 week high which now stands at 9.16 as the chart structure will start to improve on a daily basis therefore the monetary risk will be reduced substantially over the next several days.
Soybean prices are trading far below their 20 and 100 day moving average as this trend is to the downside as prices look to test the contract low which was hit on September 9th at 8.65 possibly in this week’s trade so stay short. At the current time this is my only grain recommendation as it looks to me that the corn market might be bottoming out as I’m keeping a close eye on a possible bullish position in the coming days ahead as these two commodities can go in opposite directions.
CHART STRUCTURE: POOR
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
FREE TRIAL FOR THE LIMIT UP COMMODITY NEWSLETTER
If you’re looking to open a Trading Account click on this link www.admis.com
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