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Here Is My Soybean Meal Trade


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Soybean Meal Futures---Soybean meal futures in the December contract settled last Friday in Chicago at 301.5 while currently trading at 296.0 down over 500 points for the trading week still stuck in a very tight 7-week consolidation pattern looking to break out on some fresh fundamental news.

I am keeping a close eye on a possible bullish position if prices break the 305 level while then placing the stop loss under the contract low on May 13th at 291 as the risk would be around $1,400 per contract plus slippage and commission.

The next crop report won't be released until mid-October as that certainly will send some volatility into this market as there are still wide variances on what the soybean production number will be as I think a bottoming pattern is at hand.

Soybean meal is trading right at its 20-day but still below their 100 day moving average standing at the 309 area & if you have followed any of my previous blogs you understand that my consolidation rule states that the longer the consolidation the more powerful the breakout and I think that situation will occur here in the coming weeks ahead so look to play this to the upside.

TREND: MIXED

CHART STRUCTURE: EXCELLENT

VOLATILITY: LOW

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

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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