Soybean Meal Futures—Soybean meal futures in the July contract hit a 3 year low today down another 340 points to close at 293.20 as this commodity historically speaking is the leader out of the soybean complex as I still think there is significant room to run to the downside.
If you take a look at the weekly chart I think prices could test the February 22nd 2016 low of 255 in the coming weeks ahead as the Chinese trade agreement looks to be on hold at this time as there is nothing bullish about soybean meal fundamentally or technically speaking as prices still look expensive.
Soybean meal futures are trading under their 20 & 100 day moving average as the trend remains strong to the downside as the downtrend line also remains intact as soybean oil is also hovering right near new lows as the grain market in general continues to bleed on a weekly basis.
If you have been following any of my previous blogs you understand that I have been bearish soybeans for quite some time as I still think lower prices are ahead unless some type of trade agreement comes about, however the main problem has been that the United States continues to overplant and over produce as that’s been the main reason for these depressed prices.
CHART STRUCTURE: POOR
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