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.
CHART STRUCTURE: POOR
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