Soybean Futures—Soybean futures in the November contract which is considered the new crop and will be harvested in the month of October settled last Friday in Chicago at 9.68 a bushel while currently trading at 9.83 continuing it’s bullish momentum s prices are right near a 27-month high.
Soybean prices settled last Friday in Chicago at 9.68 a bushel while currently trading at 9.95 up about $0.27 for the week reacting positive off of the WASDE crop report which stated that production numbers are around 51.9 bushels per acre which was slightly above estimates with final production numbers around 4,313 billion bushels as last month’s estimate was 4,425 as the cut was due to hot and dry weather in the month of August.
I have been recommending a bullish position over the last month or so from the 9.14 level and if you took that trade continue to place the stop loss under the 10-day low which now stands at 9.42 as an exit strategy, however the chart structure will improve on a daily basis starting next week therefor the monetary risk will be reduced significantly.
At the current time I also have a bullish soybean meal recommendation which continues to hit new highs on a monthly basis as the entire complex remains strong so stay long as I will be looking at adding more contracts possibly next week.
CHART STRUCTURE: IMPROVING
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