Weather Concerns Push Soybeans Higher Again

Weather Concerns Push Soybeans Higher Again
Weather Concerns Push Soybeans Higher Again

Soybean Futures—Soybean futures in the March contract is experiencing a wild trading session this Monday afternoon in Chicago currently trading higher for the 7th consecutive session up another $0.07 at 12.30 a bushel experiencing a $0.24 trading range.

At the current time I’m not involved, but I do think higher prices are ahead and if you are long a futures contract I would continue to place the stop loss under the two-week low standing at 11.56 as an exit strategy, however the chart structure will improve later this week therefor the monetary risk will be reduced.

There are major weather concerns in the country of Brazil as hot and dry temperatures continue to put stress on the crops and that is why you are seeing this rally continue and if that situation does not improve prices will move much higher very quickly in my opinion. Soybean prices are trading far above their 20 and 100 day moving average as this trend is strong to the upside as I see absolutely no reason to be short so stay long and continue to place the proper stop loss as the volatility could increase substantially in the coming weeks ahead. 







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