Soybean Meal Futures—Soybean meal futures in the December contract settled lower reversing earlier gains while currently trading at 322.0 down 260 points right near session lows. Soybean meal traded as high as 328 on the night session as this market still remains bullish despite today’s sell off as soy oil was sharply higher as the whole complex still remains strong.
I have been recommending a bullish position from around the 299 level and if you took that trade continue to place the stop loss under the 10-day low standing at 307.60 as an exit strategy, however the chart structure will improve in 3 trading sessions therefor the monetary risk will be reduced.
Traders are awaiting this afternoon’s crop progress report as harvest in the Midwestern part of the United States will begin in the next couple of weeks as we will start to see final production numbers as the hot & dry weather conditions in the month of August certainly cut yields. I will be looking at adding more contracts to the upside once the chart structure improves which will not happen until next week’s trade so be patient and remain long as a top has not been formed.
CHART STRUCTURE: IMPROVING
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