The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
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July Soybean Futures
After an early week thrashing that sent the bean futures back 27 cents from last Friday’s close the market chopped around near the lower end of the range in today’s session rising into the close to finish just above 1024. To me there are a few ways to interpret the price structure. I am once again favoring the bullish outlook. I believe next week’s early action will set the tone. Should the market hold above the 1020 level I’d be expecting a advance into the mid 30’s to unfold. A fortification of 1032 should set the stage for another run at /- 1045. Should the market get turned back at the 1034 level the subsequent dip would have to hold above 1024.50 to keep the move in gear. On the other hand an early slip below 1020 would pressure the contract. This could trigger a deeper slide to roughly 1006. It gets pretty dicey down hear but I believe the prior gap zone will hold up at least for the first attempted press. Looking at the bigger picture there exist a chance that the market is forming a B wave triangle that is not yet complete. Ultimately, however, I contend that an upward surge to 1110 ish is coming down the pipe. Please follow along with me as I attempt to stay one step ahead of this and other future markets. Feel free to reach out to me to discuss my insights and trading strategies.
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