Where Are Soybean Prices Headed ?
Michael Seery of Seery Futures - InsideFutures.com - Fri Jul 19, 1:40PM CDT

Soybean Futures---Soybean futures in the November contract which is considered the new crop is sharply higher this Friday afternoon in Chicago at 9.19 a bushel after settling last Friday at 9.31 down slightly for the week as hot and wet weather conditions have arrived in the midwestern part of the United States as that should help soybean crop conditions improve.

At the present time I'm not involved in soybeans as my only recommendation was a bullish soybean oil trade which I exited yesterday as this market has been very choppy since late May as prices have gone nowhere so I will wait for a better chart pattern and the risk/reward to become in your favor to take a bullish position.

Crop estimates vary widely as we really don't know how many acres were planted in 2019 and we're not going to find out until August 12th when the next crop report is released so we might remain choppy over the next several weeks.

Soybean prices are trading right at their 20 and 100 day moving average as the trend is mixed as prices did break a 4 day losing streak today while also holding major support, but sit on the sidelines as trading in a choppy market is very difficult to do successfully over the course of time.




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