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.
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.