1. Sunday’s (May 4) July soybean update indicated a likely continued advance to $14.83/$85 into Monday, May 5 then a reversal and decline.
2. Today’s (Monday, May 5) session advanced to $1482.50 on the upside before reversing and declining $22 cents off that level.
3. Today’s decline could prompt new long entry, as noted in the original update. Will message any such entry as the market confirms.
1. Friday, May 2 (+ 1 day) is the next important daily market bottom in July soybeans. A tradable multi-day advance is expected off this bottom.
2. Any further advance to approximately $14.83/$85 (or slightly higher) followed by a downside reaction may prompt new long entry. Will message any alternate long entry in tomorrow’s ((Monday, May 5) session as the market continues to confirm.