Soybean Prices Sharply Higher Off Report

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

Soybean Futures--- Soybean futures in the November contract are sharply higher this Thursday afternoon in Chicago reacting very positively to the USDA crop report sending prices up $0.26 at 9.92 a bushel as I've been recommending a bullish trade over the last 3 weeks from the 9.85 level which has now finally turned into a positive situation & if you took the trade continue to place the stop loss at 9.55 as the chart structure will not improve for another 3 trading sessions.

As I've talked about in many previous blogs I think all of the bad news has already been reflected into the price as I'm also recommending a bullish position in soybean meal so stay long as prices are now trading above their 20 and 100 day moving average looking to test major resistance around the summer highs around 10.25 in my opinion.

I will be looking at adding more positions once the chart structure tightens up in next week's trade therefore lowering the monetary risk as I'm recommending adding more positions in soymeal as the chart structure is better at this time, but I do believe higher prices are ahead.

As I've talked about in many previous blogs I think the commodity markets are going higher as the spread between the stock market and commodity prices are way to wide as I still think many commodity sectors are incredibly cheap.TREND: HIGHER–CHART STRUCTURE: SOLID

 

 

 

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