Soybean Futures---Soybean futures in the November contract is currently trading lower by 6 cents at 8.66 as I have been recommending a bearish trade from the 8.80 level as now I'm calling it quits on this trade as we await the highly-anticipated crop report tomorrow so it is time to exit.
Soybean prices are still trading under their 20 and 100 day moving average as the trend is negative as I still have a bearish bias, however if there's some type of surprise that comes out of that crop report prices could go up substantially as I'm not willing to take the risk at this time.
Estimates of tomorrow's production numbers are around 3.577 billion bushels which is a terrible crop, however there is such weak demand for this commodity due to the fact that we do not have a trade agreement with China as that is the main culprit for these depressed prices. Harvest in the Midwestern part of the U.S is right around the bend as this crop is still way behind schedule due to the flooding that we received in springtime.
Currently I do not have any recommendations in the grain market as I was stopped out of wheat earlier in the trading week, but the upside is very limited in my opinion and if that crop report is neutral I will be looking at entering another short position so let's see what tomorrows report states.
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