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How Low Are Soybeans Going ?


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Soybean Futures---Soybean futures in the November contract is trading lower for the 6th consecutive session looking ahead to tomorrow's USDA crop report with estimates around 84.761 million acres and if that number comes in higher this market looks to test the contract low around the 8.31 level in my opinion.

If you have been following any of my previous blogs you understand that I have a bearish bias as I think the whole grain market continues to head lower as outstanding weather conditions in the Midwestern part of the United States continues coupled with the fact that the large money manage funds are long 44,000 contracts so if you get some bearish fundamental news out of that report there could be a tremendous wash out to the downside as prices are hovering right near a 4 week low.

Soybean prices are trading under their 20 and 100 day moving average telling you that the trend is to the downside as this afternoon's crop progress report is estimated to show around 71% of the crop is in good / excellent condition as technically & fundamentally speaking soybeans have nothing going for it so if you are short continue to place the stop-loss above the 10-day high which stands at 8.84 as an exit strategy as the chart structure will improve in next week's trade therefor lowering the monetary risk.

TREND: LOWER

CHART STRUCTURE: SOLID

VOLATILITY: AVERAGE

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

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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