Will Soybeans Make New Contract Lows ?

06 Nov 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 January contract settled last Friday in Chicago at 8.86 a bushel while currently trading at 8.65 down about $.20 for the trading week as I’ve been recommending a short position from around the 8.70 level and if you took that trade continue to place your stop loss above the 10 day high which was lowered to 8.94 and will continue to be lowered in next week’s trade. The chart structure in soybeans at the current time is outstanding as traders are awaiting the USDA crop report next week anticipating higher production numbers than previously thought as excellent weather conditions have improved the crop slightly as harvest comes to a completion.

Soybean prices are trading below their 20 and 100 day moving average telling you that the trend is to the downside as prices continue to retest 8.60 but unable to break it on a closing basis, but I think that next week prices will break that level.

The U.S dollar continues its bullish momentum therefore putting pressure on grain prices as I think this will continue throughout 2015 so take advantage of any price rally as the risk/reward is in your favor. South America is off to another terrific start to their growing season and could produce 100MMT’s flooding the world with more soybeans as carryover levels are very ample at the present time. TREND: LOWER–CHART STRUCTURE: EXCELLENT

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