1. The recent downside completion of $9.93/$91 in November soybeans placed the market into a ‘Buy’ position for a multi-day advance, noted in our previous update.
2. However, our protective sell stop at $9.87 was hit in today’s session, resulting in a loss on the entire position. This is unusual market behavior. Any significant break of or daily close below $9.86 will likely prompt new short entry for a test/attempt at $9.73, or lower. Will update as the market continues to confirm.
1. Our recent forecast for November soybeans included a continuation decline from $10.05 down to $9.93/$91 expected into Monday, July 20 (+/-1 day). The market completed this forecast on Monday, July 20 with the swing low at $9.90.
2. This downside completion places soybeans in a ‘Buy’ position for a multi-day advance. Partial long position exits should be taken at or near $10.14. The remaining long position should be held for higher prices to be messaged in a subsequent update.
3. A protective sell stop should be placed at $9.87. The stop will be moved higher as the market continues to confirm.