1. In last Thursday’s (July 16) November soybean report we noted that conditions were imminent in soybeans for further decline and test/attempt $9.93/$91 (or lower) into early this week (week of July 20).
2. Today (Monday, July 20), November soybeans declined sharply and completed the $9.93/$91 downside target (today’s session low, $9.90, so far). This completes the forecast/trade. Will message any further entry or indication in November soybeans.
1. November soybeans remain in the weaker position after having today (Thursday, July 16) tested and failed at the $10.29 initial resistance noted in our previous trade.
2. Based upon the above, many conditions for further decline have been met and any such decline would test/attempt $9.93/$91 (or lower) into early next week.
3. Will message any new entry in November soybeans in tomorrow’s (Friday, July 17) early session.