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Where Are Soybean Prices Headed ?

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Soybean Futures---Soybean futures in the November contract which is considered the new crop is sharply higher this Friday afternoon in Chicago at 9.19 a bushel after settling last Friday at 9.31 down slightly for the week as hot and wet weather conditions have arrived in the midwestern part of the United States as that should help soybean crop conditions improve.

At the present time I'm not involved in soybeans as my only recommendation was a bullish soybean oil trade which I exited yesterday as this market has been very choppy since late May as prices have gone nowhere so I will wait for a better chart pattern and the risk/reward to become in your favor to take a bullish position.

Crop estimates vary widely as we really don't know how many acres were planted in 2019 and we're not going to find out until August 12th when the next crop report is released so we might remain choppy over the next several weeks.

Soybean prices are trading right at their 20 and 100 day moving average as the trend is mixed as prices did break a 4 day losing streak today while also holding major support, but sit on the sidelines as trading in a choppy market is very difficult to do successfully over the course of time.




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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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