Will Soymeal Prices Make New Highs ?

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

Soymeal Futures--- Soybean meal futures in the December contract settled last Friday in Chicago at 319.20 a ton while currently trading at 328.60 up about 900 points for the trading week continuing its bullish momentum as I have been recommending a position from around the 3.13 level while recommending more positions around the 3.22 area & if you took the trade continue to place the stop loss under the 10 day low at 309.80 as the chart structure will start to improve in 2 trading days therefore lowering the monetary risk.

 

Soybean meal prices filled the gap that was created on July 28th around the 328 level as I think we could possibly test the July 11th high of 348 as problems in Brazil are starting to spook the market to the upside so continue to play this to this upside as I think the grain market is going higher in my opinion.

At the current time I am also recommending a bullish position in soybeans & am now looking at a possible trade in corn to the upside as yesterday's crop report was not bullish, but the fact that it wasn't extremely bearish sent prices sharply higher as I think the harvest low has been created so continue to place the proper stop loss while maintaining a proper exit strategy.TREND: HIGHER–CHART STRUCTURE: POOR---IMPROVING

 

 

 

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