Rice Futures---Rice futures in the November contract is now trading lower for the 6th consecutive session down another $0.04 at 11.18 continuing the classic bearish trend when prices grind lower on a daily basis as that is exactly what is occurring at this time.
I have been recommending a bearish position from the 11.30 level if you took that trade continue to place the stop loss above the 2 week high standing at 11.94 as an exit strategy as the chart structure will not improve for another 3 trading sessions so you will have to accept the monetary risk at this time.
Currently I also have bearish recommendations in wheat and soybeans as I do think the whole complex will continue to melt on a weekly basis as over supplies coupled with weak demand continue to put pressure on prices.
Rice is trading below its 20 and 100 day moving average as it's getting stronger on a weekly basis as I still believe prices could test the 10.50 level in the coming weeks ahead as the volatility I believe will start to expand tremendously so stay short and continue to place the proper stop loss.
CHART STRUCTURE: SOLID
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