Are Soybean Prices Going To $11 ?
Soybean Futures—Soybean futures in the November contract settled last Friday in Chicago at 10.65 a bushel while currently trading at 10.52 ending the week on a sour note as prices are still hovering right near a 3 year high.
I have been recommending a bullish position from around the 9.14 level over the last couple of months and if you took that trade continue to place the stop loss under the 10-day low standing at 10.21 as an exit strategy and in Tuesday’s trade that will be raised to 10.31 as the chart structure will continue to improve. Strong demand from China coupled with the fact that yields continue to decline throughout the harvest as I see no reason to be short even at these elevated prices.
Soybeans are trading far above their 20 & 100 day moving average as this trend is strong, however if you have missed the bullish trend move on as you have missed the boat and look at other markets that are beginning to trend as chasing markets is a terrible way to trade over the course of time. Presently I also have bullish recommendations in wheat and soybean meal as the grain market continues to move higher as trading with the path of least resistance is the most successful way to trade over the course of time.
CHART STRUCTURE: IMPROVING
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