Soybean Prices Higher On Weather Concerns

Soybean Futures---Soybean futures in the July contract finished up $0.07 to close at 8.29 a bushel as prices have continually traded between 8.20 / 8.50 over the last week as I still think prices remain weak.

I have been recommending a bearish position from around the 8.35 level and you took the trade continue to place the stop loss at 8.48 on a hard basis as we were almost stopped out in yesterday's trade as I think prices will retest the 8.00 level possibly this week as the volatility certainly has escalated.

The fundamental picture still remains bearish, however if the heavy rains continue that could then start to hurt soybean yields for 2019, however the large money managed funds are still heavily short the soy complex as they still believe lower prices are ahead.

The 7 / 10 day weather forecast still has heavy amounts of rain and if that happens there will be more acres shifted into soybeans as I still think we could produce an outstanding crop if we just received a window of good weather.

Soybean prices are still trading under their 20 and 100 day moving average as clearly the trend is higher & if we are stopped out at the 8.48 level then you do not want to be short this market anymore as then you would have to think that a short term bottom would be at hand.

TREND: ---LOWER

CHART STRUCTURE: EXCELLENT

VOLATILITY: HIGH

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