Soybean Prices Lower On Profit Taking

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Soybean Futures---Soybean futures in the November contract is down $0.15 at 10.28 a bushel as the entire grain market across the board is sharply lower as there is panic selling due to the fact that the Dow Jones Industrial Average is down 900 points with a possible economic slowdown on the horizon.

I have been recommending a bullish position from around the 9.14 level if you took that trade continue to place the stop loss under the 10-day low standing at 9.60 as an exit strategy, however the chart structure will start to improve on a daily basis this week therefor lowering the monetary risk. At the current time I also have bullish recommendations in soybean meal and wheat and I do think corn prices are headed higher, but today is just one of those days blamed on massive profit-taking.

Bean prices are still trading far above their 20 and 100 day moving average as the trend is strong to the upside. One interesting fact shows that the large speculator is long about 191,000 contracts the highest in 3 years, however the commercial short paper is now short 625,000 contracts which is the 8th largest in history so this truly is a battle between the bulls and the bears and I still think that higher prices are ahead so stay long.




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