Soybean Meal Futures--- Soybean meal futures in the December contract settled last Friday in Chicago at 317.0 while currently trading at 310.0 down about 600 points for the week continuing its bearish momentum as I think prices historically speaking look very expensive compared to the rest of the grain sector.
If you are bearish soy meal I would sell at today's level while placing the stop loss at the 10 day high standing at 321 risking around 1,100 per contract plus slippage and commission as the risk/reward are in your favor, however I am recommending short positions in corn, soybeans, & soybean oil as I do not want to over load to many positions in 1 sector.
The down trend line remains intact to the downside as this recent kick back in price was due to short covering in my opinion so play this to the downside as supplies are massive at the present time coupled with the fundamental fact of weak demand as harvest is coming upon us in the next couple of weeks which will bring huge supply onto the market..
TREND: LOWER
CHART STRUCTURE: EXCELLENT
VOLATILITY: LOW
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