I Remain Bullish Soybean Meal

Soybean Meal Futures---Soybean meal futures in the December contract settled last Friday in Chicago at 310 while currently trading at 309 basically unchanged for the trading week still hovering right near a 3 month high.

I have been recommending a bullish position from around the 306 level and if you took that trade continue to place the stop loss under the contract low which stands at 291 as an exit strategy as I believe the whole grain market is headed higher.

At the current time I also a bullish recommendations in corn and wheat as it looks to me that soybeans are also moving higher and if we can finalize that trade agreement next month with China that certainly would be a bullish fundamental factor for higher prices ahead.

Soybean meal prices are trading above their 20 & 100 day moving average as the trend is to the upside, however prices will have to break the October 14th high of 313 for the bullish momentum to continue so stay long & continue to place the proper stop loss as the risk / reward is in your favor.

TREND: HIGHER

CHART STRUCTURE: SOLID

VOLATILITY: AVERAGE

If you are looking to contact Michael Seery (CTACOMMODITY TRADING ADVISOR) at 1-630-408-3325 as I will be more than happy to help you with your trading or visit www.seeryfutures.com

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