Soybeans Higher As 19% Crop Planted

Soybean Futures---Soybean futures in the July contract is trading higher for the 2nd consecutive session up another $0.04 at 8.36 a bushel as prices traded as high as 8.46 earlier in the trading session, but then profit taking came about.

I have been recommending a short position from around the 8.35 level and if you took that trade continue to place the stop loss on a hard basis only at 8.48 as we were just an eyelash away from getting stopped out in today's trade. The crop progress report was released yesterday showing that 19% of the soybean crop has been planted compared to 53% at this time last year as the entire grain market is higher today as wet weather continues to plague the Midwestern part of the United States.

The trade war with China is still a major problem for soybeans and the entire sector as a whole, however corn planting is at its lowest level at this time of the year in history as we rain every single day in the state of Illinois as this could be a problem in the next couple of weeks.

As I have talked about many in previous blogs there is going to be more acres shifted into soybeans than once thought in my opinion as I still think we could produce around 4.3 billion bushels which would be another outstanding crop and would increase carry over levels even more as that is something that is not welcome.

TREND: ---LOWER---MIXED

CHART STRUCTURE: EXCELLENT

VOLATILITY: HIGH

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