Soybean Futures---Soybean futures in the July contract is currently trading at 8.34 a bushel after settling last Friday in Chicago at 8.09 having one of the best weeks in sometime all due to delayed planting in the Midwestern part of the United States due to extremely wet and cold weather which has been the problem.
I have been recommending a short position in soybeans from the 8.35 level and if you took that trade continue to place the stop loss at the 8.48 level on a hard basis only as an exit strategy as the chart structure is outstanding at the present time.
Soybean prices are still trading below their 20 and 100 day moving average as the trend remains negative and if the wet weather continues all that means is that we will add more acres to soybeans which is an even more bearish situation as fundamentally & technically speaking this market remains negative.
The large money managed funds had a record amount of short contracts as they were doing some massive short covering over the last several days so continue to play this to the downside as I also have a bearish soybean meal recommendation as I think this was just a kick back due to oversold conditions.
CHART STRUCTURE: EXCELLENT
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