Soybean Futures—Soybean futures in the July contract is trading lower for the 2nd consecutive session down another 15 cents at 8.75 a bushel hitting a 6 month low as the bearish trend is accelerating to the downside.
The next major level of support is the contract low which was hit on September 18th at 8.63 and I believe that will be tested possibly this week as I see no reason to be bullish soybeans or the grain market in general.
The planting progress report was released yesterday showing that 1% of the crop has been planted as the majority of soybeans are not planted until the month of May as that had very little impact on prices today. Weak demand coupled with the fact of huge supplies continues to weigh on this commodity as I still remain bearish over the next 3/4 weeks.
Soybean prices are trading far below their 20 and 100 day moving average as the trend clearly is to the downside as the trade agreement with China looks to be on hold at this time and that is also having a negative influence on prices so if you are short a futures contract stay short in my opinion.
Corn futures are hitting a fresh contract low in today’s trade as the large money managed funds are short across the board and look to be right in my opinion.
CHART STRUCTURE: POOR
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