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Are Soybean Prices Going To $11 ?

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Soybean Futures---Soybean futures in the November contract settled last Friday in Chicago at 10.65 a bushel while currently trading at 10.52 ending the week on a sour note as prices are still hovering right near a 3 year high.

I have been recommending a bullish position from around the 9.14 level over the last couple of months and if you took that trade continue to place the stop loss under the 10-day low standing at 10.21 as an exit strategy and in Tuesday's trade that will be raised to 10.31 as the chart structure will continue to improve. Strong demand from China coupled with the fact that yields continue to decline throughout the harvest as I see no reason to be short even at these elevated prices.

Soybeans are trading far above their 20 & 100 day moving average as this trend is strong, however if you have missed the bullish trend move on as you have missed the boat and look at other markets that are beginning to trend as chasing markets is a terrible way to trade over the course of time. Presently I also have bullish recommendations in wheat and soybean meal as the grain market continues to move higher as trading with the path of least resistance is the most successful way to trade 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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