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Soybeans Higher Off Crop Report

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Soybean Futures---Soybean futures in the November contract which is considered the new crop and is currently being harvested in the Midwestern part of the United States settled last Friday in Chicago at 10.20 a bushel while currently trading at 10.73 up about $0.53 for the trading week reacting positively off of the crop report which was released today.

I have been recommending a bullish position from around the 9.14 level and if you took that trade continue to place the stop loss on a hard basis only at 9.85, however the chart structure will improve early next week therefor the monetary risk will be reduced. The fundamental situation certainly has changed as smaller supplies and increased exports with ending stocks projected at 290 million bushels which was down another 170 million from last month and could become concerning if this trend continues.

Volatility is relatively high at the present time and I think it could get out of control to the upside especially if weather conditions in the country of Brazil continue to remain hot & dry so stay long as I still do not believe the top has been formed as I also have bullish recommendations in wheat & soybean meal.




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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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