Is Soymeal About To Breakout ?

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

Soybean Meal Futures--- Soybean meal futures in the January contract are trading higher by $2 a ton at 310.0 as I’ve been sitting on the sidelines looking at a possible bullish position if prices break 312 and if that does occur place your stop at the 10 day low which stands at 295 risking $1,700 per contract plus slippage and commission.

The chart structure will improve tremendously come Thursdays trade as then the stop will be raised to 300 risking around $1,200 per contract as the soy complex still looks bullish in my opinion despite the fact that the grain market in general is lower across-the-board in Monday’s trade, however as a technical trader I’m looking to buy this on the breakout.

Soybean meal futures are trading above their 20 but still far below their 100 day moving average as it looks to me that prices are bottoming out as harvest is around 70% complete and should be wrapped up in the next several weeks so I’ll take a shot to the upside if prices cross 312 on a closing basis only as we’ve had many rallies only to fizzle towards the close over the last couple of weeks. TREND: HIGHER---MIXED –CHART STRUCTURE: IMPROVING

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