rounded corner
rounded corner
top border

Soybean Prices Higher On Weather Concerns


Bookmark and Share

Soybean Futures---Soybean futures in the July contract finished up $0.07 to close at 8.29 a bushel as prices have continually traded between 8.20 / 8.50 over the last week as I still think prices remain weak.

I have been recommending a bearish position from around the 8.35 level and you took the trade continue to place the stop loss at 8.48 on a hard basis as we were almost stopped out in yesterday's trade as I think prices will retest the 8.00 level possibly this week as the volatility certainly has escalated.

The fundamental picture still remains bearish, however if the heavy rains continue that could then start to hurt soybean yields for 2019, however the large money managed funds are still heavily short the soy complex as they still believe lower prices are ahead.

The 7 / 10 day weather forecast still has heavy amounts of rain and if that happens there will be more acres shifted into soybeans as I still think we could produce an outstanding crop if we just received a window of good weather.

Soybean prices are still trading under their 20 and 100 day moving average as clearly the trend is higher & if we are stopped out at the 8.48 level then you do not want to be short this market anymore as then you would have to think that a short term bottom would be at hand.

TREND: ---LOWER

CHART STRUCTURE: EXCELLENT

VOLATILITY: HIGH

If you are looking to contact Michael Seery (CTACOMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com

Skype Address: 5da1f85979b7117b

TWITTER---@seeryfutures

FREE TRIAL FOR THE LIMIT UP COMMODITY NEWSLETTER

Email: mseery@seeryfutures.com

If youre looking to open a Trading Account click on this link www.admis.com

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.



Recent articles from this author



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.

Published by Barchart
Home  •  Charts & Quotes  •  Commentary  •  Authors  •  Education  •  Broker Search  •  Trading Tools  •  Help  •  Contact  •  Advertise With Us  •  Commodities
Markets: Currencies  •   Energies  •   Financials  •   Grains  •   Indices  •   Meats  •   Metals  •   Softs

The information contained on InsideFutures.com is believed to be accurate but is not guaranteed. Market data is furnished on an exchange delayed basis by Barchart.com. Data transmission or omissions shall not be made the basis for any claim, demand or cause for action. No information on the site, nor any opinion expressed, constitutes a solicitation of the purchase or sale of any futures or options contracts. InsideFutures.com is not a broker, nor does it have an affiliation with any broker.


Copyright ©2005-2019 InsideFutures.com, a Barchart.com product. All rights reserved.

About Us  •   Sitemap  •   Terms of Use  •   Privacy Policy