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Soybean Prices Down 4 Cents

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Soybean Futures---Soybean futures in the January contract is breaking a 2 day winning streak down $0.04 at 9.14 a bushel as this commodity is looking for some fresh fundamental news to dictate short-term price action as the volatility has come to a crawl.

I have been recommending a bearish position from around the 9.23 level and if you took that trade continue to place the stop-loss above the 10-day high standing at 9.41, however in tomorrow's trade that will be lowered to 9.39 on a hard basis only as I'm not willing to risk any more than that area. At the present time it looks like there will be a trade agreement with China, but until that is etched in stone I think prices will continue to decline as the chart structure is excellent at the current time therefor the risk / reward is in your favor.

One interesting fact is that the large money managed funds are long which means they believe higher prices are ahead and so far they have been wrong and if prices continue to decline they will have to exit as that could fuel further liquidation to the downside.

For the bearish momentum to continue prices have to break the November 14th low of 9.11 as major support stands at the 9.00 level as my only other grain recommendation is a bearish rice trade which might be stopped out in today's trade as these 2 commodities can go in opposite directions




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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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