Soybeans Higher On Rain Forecast

Soybean Futures---Soybean futures in the July contract experienced high volatility this week settling last Friday in Chicago at 8.21 a bushel while currently trading at 8.31 up about $0.10 for the trading week all on concerns about heavy rains in the Midwestern part of the United States delaying planting.

I have been trading the commodity markets for over 25 years as I still remember 1993 when we had the great Mississippi floods that decimated the corn and soybean crops and I have to say I think we've rained even more this year year as we literally rain every single day and the 7/10 day forecast has huge rain amounts still coming.

I have been recommending a bearish position from around the 8.35 level and if you took that trade we're going to continue to keep the stop at 8.48 and remember Monday is Memorial Day as this will be a long holiday weekend.

The volatility in soybeans is certainly going to remain high for the next several months as I will continue to play this to the downside, however if corn and wheat prices continue to go higher it will be difficult for soybeans to continue their bearish trend, but I will not 2nd guess as I will keep the stop loss at the proper level.

TREND: ---MIXED

CHART STRUCTURE: EXCELLENT

VOLATILITY: HIGH

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