Soybean Futures—Soybean futures in the July contract is currently trading higher by 13 cents at 9.16 a bushel continuing its bullish momentum filling the price gap that we witnessed on June 17th as I still remain bullish. In the state of Illinois we have rained over the last 2 consecutive days as weather conditions still have not improved that much as I still believe the soybean yields be much lower than expectations as I also think production numbers will be lowered as well.
At the present time I am bullish the entire grain market as my only recommendation is a bullish soybean oil trade which continues its trend to the upside, but I see no reason to be short any of the grain sector as this weather situation seems to be getting worse as we still do not have warm temperatures as the emergence on this crop compared to the 5 year average is about 30% lower which is shocking for this time of year.
Soybean prices are trading above their 20 and 100 day moving average as the trend is higher & if prices break major resistance at 9.25 you would have to think there’s significant room to run coupled with the fact that President Trump is going to meet with Xi Jinping at the G–20 Summit next week & if any agreement comes about it would send prices sharply higher in my opinion so stay long.
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