Soybeans Hit 3 Month Low

Soybean Futures---Soybean futures in the July contract are sharply lower this Wednesday afternoon in Chicago currently trading down $0.16 at 10.02 a bushel continuing its bearish momentum right near a 3 month low as fundamentally speaking this commodity remains very bearish in my opinion.

I am currently not involved at the present time, but I'm certainly not recommending any type of bullish position as we are estimated to be planting around 89 million acres in the United States in 2018 which could produce a crop around 4.4 billion bushels with ideal weather conditions as that will be another outstanding crop.

Worldwide supplies are very ample as the Chinese tariffs on soybeans are still very concerning to U.S farmers as they are the largest importer of U.S soybeans in the world, but I do think that situation will be clarified in the coming weeks ahead which could finally be a bullish fundamental influence towards this market.

At the present time we are about 35% completed in planting right on schedule as the combines should be in full swing this week as we were experiencing excellent weather conditions as the month of May historically speaking is bearish as I do think prices could retest the January 12th low of 9.65 as prices look to go cheaper in my opinion, however I think we will have a summer rally seasonally speaking. Soybean prices are still trading under their 20 and 100 day moving average as the trend is to the downside so be patient and wait for a bottoming out pattern to develop.

TREND:---LOWER

CHART STRUCTURE: POOR

VOLATILITY---INCREASING

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