Farmers Are Concerned About Soybean Prices

Farmers Are Concerned About Soybean Prices
Farmers Are Concerned About Soybean Prices

Soybean Futures—Soybean futures in the July contract are unchanged at 8.67 a bushel as heavy rains have entered the midwestern part of the United States as we are awaiting the weekly crop planting progress report which will be released this afternoon.

If you have been following any of my previous blogs you understand that I am bearish soybean prices as the large money managed funds are short a record 130,000 contracts as they truly believe lower prices are ahead. Fundamentally speaking this market remains extremely weak as massive supplies worldwide coupled with the fact of very weak demand because of the fact that we have not had a trade agreement with China and that doesn’t look too come to a positive solution anytime soon.

Soybean prices are trading under their 20 and 100 moving average as clearly the trend is to the downside as we are at yearly support & if we can break the 8.60 level I think prices could head down to 8.10 as I see no reason to be a buyer of this commodity.

Volatility in soybeans is average at the current time, however as we progress into the summer months that will expand tremendously generally to the upside so if you are short a futures contract stay short in my opinion.

TREND: –LOWER

CHART STRUCTURE: SOLID

VOLATILITY: LOW

 

If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com

 

Skype Address: 5da1f85979b7117b

TWITTER—@seeryfutures

FREE TRIAL FOR THE LIMIT UP COMMODITY NEWSLETTER

Email: mseery@seeryfutures.com

If you’re looking to open a Trading Account click on this link www.admis.com

 

MEMBERS LOGIN

Click on Members Login—-Username—coffeeshop

Password—greencoffee88

Click login and then click on Blog and click on the title of the story to read—Mike 630-408-3325

Click on my live chat so we can talk as well

 

There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.