1. In yesterday’s (Tuesday, June 7) Williams edge live meeting it was noted that July soybeans were expected to decline further and test/attempt $11.24/$23 or lower. It was noted that any daily close above $11.39 would negate the indication.
2. Subsequently, July soybeans closed the session at $1142.60 (above $11.39) negating the indication and resulting in a small loss on the entire position.
3. Yesterday’s daily close above $11.39 is an unusual position and opens the possibility for substantially higher prices in July soybeans over the next several days. This possibility will be discussed in today’s Williams edge live meeting.