Soybean Futures–Soybean futures in the November contract is trading higher for the 3rd consecutive session up another $0.10 at 10.54 a bushel continuing it’s bullish momentum as I still believe there is more room to run.
I have been recommending a bullish position from the 9.14 level and if you took that trade continue to place the stop loss under the 10 day low at 9.85 on o hard basis only as the stop will not improve for another 5 trading sessions as the chart structure is poor at the present time due to the fact that prices have run up so quickly.
Traders are awaiting the highly-anticipated WASDE crop report which will be released Friday with estimates around 300 million bushels as the carryover level as it continues to tighten up due to the fact that China has lived up to their agreement to the Phase 1 trade deal with Trump Administration as prices are now at a 29-month high which is a terrific thing to see for U.S farmers. Soybean prices are trading above their 20 and 100 day moving average so stay long as I see no reason to be short as I also have bullish recommendations in soybean meal and wheat which are sharply higher in today’s trade.
CHART STRUCTURE: POOR
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