I Remain Bullish Soybean Meal Prices

06 Oct in Blog, commodity consulting, commodity trading, corn, futures, Mike Seery, oats, option trading, seeryfutures, soybean meal, soybean oil, soybeans, wheat

Soybean Meal Futures---Soybean meal futures in the December contract settled last Friday in Chicago at 315 a ton while currently trading at 318 up 300 points for the trading week holding major support around 310 and if you took the original trade from the 313 level continue to place the stop loss under the 10 day low at 309.70 as the chart structure will not improve for another 8 trading sessions so you're going to have to accept the small monetary risk at this time.

For the bullish momentum to continue we have to break the September 22nd high of 321 as I will be looking at adding more positions if that is breached as prices are trading above their 20 and 100 day moving average due to the exceptionally strong demand for this commodity at these relatively cheap prices so continue to play this to the upside.

Soybean meal prices bottomed out on August 23rd around the 2.95 level as all of the bad news has already been reflected as we should produce a record crop of soybeans as harvest will be in full swing over the next several weeks and if there is any surprise in next week's crop report we could move significantly higher rather quickly in my opinion.TREND: --HIGHER--CHART STRUCTURE: EXCELLENT




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