Soybean Oil Futures—Soybean oil futures in the December contract is currently trading higher by 24 points at 28.50 as I have been recommending a bullish position at this level and if you took the trade continue to place to stop loss under the contract low which stands at 26.96 which was hit on May 13th as an exit strategy.
The grain market will be closed tomorrow due to the 4th of July holiday as we will resume once again on Friday as that should be a volatile day as I still believe the long-term bottom in soybean oil is at hand. Volatility still remains exceptionally low as we await the next crop report which will be released in a couple of weeks as weather is the main focus as we had extraordinary rain in the state of Illinois once again.
Soybean oil prices are now trading below their 20 and 100 day moving average as the trend may have turned, but I will not 2nd guess so keep the stop loss at the proper level and see what Friday’s trade brings so stay long.
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