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Grain Hedge

RSS By: Brock Schimbeno, AgWeb.com

Grain Hedge is a self-directed discount brokerage that saves farmers money when trading in the futures and options market. For $7 commissions per side producers can execute their marketing strategy with authority, any time the markets trade.

Soybeans Open Lower, But Bulls Show Resolve Late

Dec 14, 2011

Soybean futures saw wild price action today in Chicago, opening sharply lower before rallying into the close. In the last five minutes of the trade, we saw buyers enter the market even as the dollar index was showing strength and crude oil was absolutely tanking -- down $5.40 a barrel.

Some key support levels were tested today, with JAN soybeans trading below $11.00 early in the day, rallying back, and then retesting $11.00 again late in the session. Below is a 5-minute chart taken from the Firetip platform detailing today's move. You can see we were trending lower late in the session before printing a strong close. The bulls certainly showed resolve late in the day, but we look for the $11.00 level to be broken as we move forward.beans11 14

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THERE IS A RISK OF LOSS IN TRADING FUTURES AND OPTIONS. FUTURES TRADING IS NOT APPROPRIATE FOR ALL INVESTORS.
PLEASE READ OUR RISK DISCLOSURE.

 

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