I Remain Bearish Soybean Prices

Soybean Futures---Soybean futures in the January contract is trading higher by 3 cents at 9.13 a bushel in a very quiet trade this afternoon in Chicago as the crop progress report stated yesterday that 91% of the crop has been harvested as that should be wrapped up by Thanksgiving.

I have been recommending a bearish position from around the 9.23 level and if you took that trade continue to place the stop loss above the 2 week high standing at 9.39, however in Thursday's trade that will be lowered to 9.29 as the chart structure is outstanding at the current time. Ideal weather conditions in the country of Brazil persists as they have 67% of the soybean crop planted just slightly behind schedule so continue to play this to the downside as the volatility remains very low.

Soybean prices are trading below their 20 and 100 day moving average as that tells you that the trend is to the downside with the next level of support at the 9.00 area. At the current time this is my only grain recommendation as I was stopped out of the rice trade yesterday as fundamentally and technically speaking this market still remains weak in my opinion.

TREND: LOWER

CHART STRUCTURE: EXCELLENT

VOLATILITY: LOW

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