Soybean Futures---Soybean futures in the November contract is trading lower for the 2nd consecutive trading session down 1 cent at 8.32 a bushel continuing its bearish momentum after settling last Friday in Chicago at 8.44 as prices are right at a fresh 10 year low.
I've been recommending a bearish position from around the 8.39 level and if you took the trade the stop loss will remain at 8.52 as the chart structure is outstanding at the present time as the risk/reward are in your favor to take a short position in my opinion.
The WASDE crop report was released early in the week stating that we have a carryover level of 845 million bushels which is an all-time record high coupled with the fact that we will produce around 4.7 billion bushels which is another record, as we have too many soybeans at the present time as I still see a lot of room to run to the downside & if you have been following any my previous blogs you understand my price target is 7.50 at the end of harvest.
Soybean prices are trading under their 20 and 100 day moving average as clearly the trend is very weak as I am also recommending bearish positions in corn and soybean oil which were both lower this week as well so continue to stay short as I will be looking at adding more contracts to the downside possibly in next week's trade as I see no reason to be bullish this sector.
CHART STRUCTURE: EXCELLENT
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