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Soymeal Prices Hit 10 Week Highs


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Soymeal Meal Futures--- Soybean meal futures in the December contract are currently up 800 points at 323 reacting positively to the USDA crop report which was released this afternoon as I have been recommending a bullish position from the 313 level recommending more positions like I talked about in previous blogs around the 321 level while now placing the stop loss under the 10 day low which stands at 309.80 as the risk on both positions is around $1,500 per contract plus slippage and commission.

Remember adding to winners and getting out of losers is the best way to trade in my opinion as this report really wasn't that bullish, but the fact that it wasn't extremely bearish is the reason why I think prices are higher as we are still trading above the 20 and 100 day moving average telling you that the short-term trend is higher, however the chart structure will not improve for another 4 trading sessions so you're going to have to accept the monetary risk at this time.

If you take a look at the daily chart there is a price gap that was created on July 28th around the 328 area as I think that's the next level prices will test & if that is broken I think we can head back up to 340/345 level in the coming days ahead as all bad news has already been reflected so stay long and add to this position.TREND: HIGHERCHART STRUCTURE: SOLID

If you are looking to contact Michael Seery (CTACOMMODITY TRADING ADVISOR) at 1-312-224-8140 I will be more than happy to help you with your trading or visit www.seeryfutures.com

Skype Address: mseery TWITTER---@seeryfutures

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Email: mseery@seeryfutures.com

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There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.



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About the author


Michael is the sole owner of SEERYFUTURES.COM which is a commodity futures and options consulting, advisory, and educational firm.

Michael frequently appears on multiple business networks including Bloomberg News, Fox Business, CNBC Worldwide, CNN Business, and Bloomberg TV. He also writes market commentary for several commodity websites and is interviewed for commodity comments by the Wall Street Journal. He is also a guest on First Business, which is a national and internationally syndicated business show.
 
Michael started his career in 1990 at the Chicago Board of Trade as a runner. He soon worked his way up to becoming a Series 3 broker. He works with seasoned traders as well as novice beginners educating them on trading the futures markets as well as using simple and complex option strategies. Michael covers all markets including grains, metals, energies, and all other futures markets that are traded.
 
To Michael the biggest lesson any trader needs to learn is risk management. Michael believes this is the most important factor in trading. He also works with traders to help them determine the proper risk for their trading style. Michael has spent a lot of time educating his clients to help them understand trading strategies and trading techniques while enjoying spending quality time with customers going over the markets or just talking general trading philosophies.

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