Have Soybean Prices Topped Out ?
Michael Seery of Seery Futures - InsideFutures.com - Sun Jul 16, 8:53AM CDT

Soybean Futures---Soybean futures in the November contract settled last Friday in Chicago at 10.15 a bushel while currently trading at 10.03 and traded as high as 10.47 earlier in the week as this commodity experienced an extremely volatile trading week all due to dry conditions & then suddenly becoming extremely wet pushing prices lower in recent days.

Prices filled the gap that was created this Monday and there's another price gap at 9.60 which makes me nervous as traders are keeping a very close eye on weather conditions over the next 7/10 day weather forecast as assessments of this year's production is still around 4.2 billion bushels which is still excellent, but we have a wide variance of crops throughout the Midwestern part of the United States at this time.

Expect the volatility to remain extremely high over the next 6 weeks as the western part of the United States still is extremely dry however the Midwestern part of the United States are very wet as we will await the next USDA crop report which will be released in several weeks which will give us a little more certainty on this crop.

Soybean prices are still trading above their 20 and 100 day moving average telling you that this market remains bullish, however I'm avoiding this commodity as the risk/reward is not in favor as the chart structure also is terrible therefore the monetary risk is very high.TREND: --HIGHER---CHART STRUCTURE: POOR

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