I Remain Bearish Soybean Prices

24 Apr in Blog, commodity consulting, commodity trading, corn futures, futures broker, Kansas City wheat, Michael Seery, Minneapolis wheat, oat futures, rough rice futures, Seery Futures.com, soybean futures, soybean meal futures, soybean oil futures, wheat futures

Soybean Futures--- Soybean futures in the July contract are down about $.10 this Friday afternoon in Chicago currently trading at 9.70 a bushel basically trading unchanged for the trading week as I’ve been recommending a short position in soybeans for quite some time and if you took the original trade place your stop loss above the 10 day high which still stands at 9.83 on a closing basis as prices actually traded as high as 9.85 intraday in yesterday’s trade before settling around 9.80 a bushel as I remain short.

The chart structure in soybeans is outstanding at the current time as I’m still recommending a short position as the risk/reward is your favor; however the chart structure will not improve for at least two more weeks so you will have to be patient as I think a possible retest of 9.50 is in the cards. The United States could produce another record crop this year and if ideal weather conditions remain throughout the critical summer months as projections are as high as 4.2 billion bushels coupled with increasing carryover levels so continue to play this to the downside, however if your stopped out it’s time to move on and look at another trend that started to develop.

Soybean futures are trading below their 20 and 100 day moving average as volatility has been relatively quiet in recent weeks as prices really have gone nowhere; however we are entering the volatile growing season as volatility certainly will increase as we enter the month of May when soybean planting begins. TREND: LOWER –CHART STRUCTURE: EXCELLENT

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