1. In today’s (Wed., June 11) William’s edge live meeting it was noted that any further downside break in July soybeans below the recent forecast $14.56 target would send prices sharply lower and test/attempt $1441/$40 (or lower).
2. After today’s crop report the market ultimately broke below $14.56 and has made a session low of $14.44, so far.
3. Although no official short entry occurred, self-directed traders should expect lower prices into tomorrow’s (Thursday, June 12) session. Will update.
1. In yesterday’s (Wed., June 11) Williams edge live meeting it was noted that any break below $14.56 in July soybeans would send prices sharply lower and test/attempt $14.41/$40 initial profit target, and lower.
2. Today’s (Thursday, June 12) soybeans session declined sharply, completing both the $14.40 downside target and lower, making a session low of $14.28, so far.
3. Self-directed traders based upon the original forecast should exit the majority of their remaining short position at this point (current price, $14.28).