Trading commodity futures and options involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge and financial resources.
Soybean futures declined (12/09) today along with corn, wheat and most of the grain complex.
This move lower for January soybean futures generates a fresh sell signal on the daily chart. This is the fifth sell signal on the daily chart for soybeans since the trend changed to the downside in the beginning of November. Soybeans are also showed a sell signal two weeks ago on the weekly chart and is giving a fresh sell signal on the weekly chart this week suggesting the beans may be in a longer-term downtrend.
Corn futures declined as well today as it seems to have been consolidating over the past few weeks. Corn is showing a sell signal on the weekly chart this week.
In addition wheat futures eked out sell signal on the daily chart today. Wheat also produced a sell signal on the weekly chart this week. The trend has changed to the downside for wheat on the monthly chart.
The USDA announced today that the global crop inventories will be 2.9% larger than previously projected with soybean reserves up 1.5% and corn supplies up 4.6%. Analysts also predict thatChinawill have its best year ever for corn production.
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Futures, options and forex trading is speculative in nature and involves substantial risk of loss. All known news and events have already been factored into the price of the underlying commodities discussed.
