Heavy Rains Push Soybeans Lower

Heavy Rains Push Soybeans Lower
Heavy Rains Push Soybeans Lower

Soybean Futures—Soybean futures in the July contract is trading lower for the 4th consecutive trading session down another $0.05 at 8.49 a bushel as traders are selling soybeans and buying corn due to the excessive wet weather that we are receiving in the midwestern part of the United States.

If the rain continues for several more weeks you would certainly think that more acres will be planted for soybeans and that is why you’re seeing tremendous weakness, however like I have talked about many previous and I do think we will touch the 11 year low of 8.10 in the next couple of weeks as I see no reason to be a buyer of soybeans.

If the 8.10 level is broken you can expect to see prices test the 7.75 level as the hot and dry season does not come about until the month of June as there are several more weeks of weakness as the agricultural markets continue to bleed.

Soybean prices are trading far below their 20 and 100 day moving average as the trend is to the downside as we have about 3% of the crop planted, but the majority of soybeans are planted in late May as the concern right now is with corn which is trading higher once again.

TREND: LOWER

CHART STRUCTURE: POOR

VOLATILITY: AVERAGE

 

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.