Issued: 05/18/2015
July soybeans:
1. As noted in our recent soybean report, Thurs., May 14 was the next important daily bottom in July soybeans with a test of $9.52 expected. This prompted aggressive long positions for a test/attempt at $9.70 (or higher) into Mon., May 18 (+/- 1 day).
2. However, our protective sell stop at $9.51 was hit on Fri., May 15, resulting in a loss on the position.
3. July soybeans closed above $9.52 on Fri. and today session advanced as originally expected which may prompt further long entry attempt. Will update as the market confirms.
David Williams
Issued: 05/15/2015
July soybeans:
1. Thurs., May 14 was the next important daily bottom in July soybeans. With the market having completed the previously noted $9.52 downside target (noted in recent live meetings), the market is now in a ‘Buy’ position for a tradable advance to $9.70 (or higher) into Mon., May 18 (+/- 1 day).
2. Less aggressive traders can wait for an hourly or daily close above $9.61 for new long entry.
3. A protective stop should be placed at $9.51. This stop will be move higher as the market continues to confirm.
David Williams