How High Can Soybean Prices Go?

01 Mar in Blog, corn, oats, rough rice, soybeans, wheat

A quiet trading day for the grains with corn futures down 4 cents to close around 6.54 a bushel and still  unable to break out above strong resistance at 6.60 a bushel. Wheat futures were down only 4 cents at 6.64 a bushel while the soybeans continue to grind higher finishing up only 2 cents to close around 13.22 a bushel in a very light trading session. I thought yesterday’s trade in soybeans was very impressive with all the other markets plunging dramatically which usually makes soybeans to trade sharply lower as well, however the beans showed their strength and actually finished higher by a couple of cents which tells me that this market is very strong and could go much higher especially if the other commodities such as oil, silver, and gold rally. Rough rice futures plummeted today down over 28 cents to close around 14.20 a bushel and still stuck in a sideways channel with the contract lows around 13.50 a bushel. Take a look at some of the July options in corn, wheat, and soybeans because volatility is very low at this time and the option prices are not that expensive, however with spring planting on the horizon you should see volatility pick up quickly. Oat futures for May delivery were also lower by 5 cents to close around 3.10 a bushel in light volume. If you have any questions about hedging or trading please call Michael Seery at 800-615-7649.

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