Where Are Soybean Prices Going ?

29 Jan 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 March contract settled last Friday in Chicago at 8.76 a bushel while currently trading at 8.73 down slightly for the trading week continuing its nonvolatile & choppy trend over the last 6 months. I have not talked about the soybean market for quite some time as there has been very little trend as I’m currently sitting on the sidelines waiting for a breakout to occur as there is little fresh fundamental news to dictate short-term price action at the present time.

Soybean prices are trading right at their 20 but still below their 100 day moving average as the longer-term trend line is still intact to the downside as the chart structure is also solid at the current time as I do think we will be entering into a trade in the next week or two. Soybean prices hit major support around the 8.50 level which was hit on many different occasions only to rally as traders are keeping a close eye on South American weather which is outstanding at the present time and should produce another record crop, therefore pushing carryover levels near historic highs as well as there is very little bullish fundamental news to dictate prices to the upside.

Traders are awaiting the next USDA crop report which comes out in 2 weeks as spring planting is right around the corner believe or not as we only have 1 more month of winter here in the Midwestern part of the United States as certainly volatility will start to increase come springtime so be patient and wait for a trend to develop. TREND: MIXED–CHART STRUCTURE: SOLID

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