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Are Soybean Prices Going Higher ?

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Soybean Futures---Soybean futures in the November contract settled last Friday in Chicago at 8.94 a bushel while currently trading at 9.18 up nearly $0.25 for the trading week. The WASDE crop report was released yesterday showing that production numbers dropped 305 million bushels with an estimation of final numbers around 3.845 billion bushels while anecdotally speaking the soybeans planted in the area where I live still are only about an inch big as they are way behind schedule.

At the present time I have a bullish soybean oil trade, but I do think soybean prices are going higher as well, but I will wait for the chart structure to improve therefor the risk/reward would be more in your favor. Soybean prices are now trading right at their 20 and 100 day moving average as the trend is higher to mixed as we await the highly anticipated August crop report as that will actually show more precise numbers.

Traders are keeping a close eye on weather conditions as we have turned warm and dry as this crop is way behind schedule. Carryover levels have also dropped 250 million bushels down to 795, however historically speaking that is still very large, but at least the fundamental situation for soybeans is starting to change which is a terrific thing for the farming community




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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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