Soybean Meal Futures---Soybean meal futures in the December contract is currently trading higher by 250 points at 310.2 a ton on optimism of a trade agreement being cemented with the United States in early November.
I have been recommending a bullish position from around 306 level and if you took that trade place the stop loss under the 10-day low which now stands at 303 as the chart structure is outstanding at the current time due to the low volatility.
For the bullish momentum to continue prices will have to break the October 14th high of 313 in my opinion and if that happens I will be looking at adding more contracts to the upside as the risk / reward would be in your favor.
Yesterday's crop progress report showed that 46% of soybeans have been harvested which was slightly higher than expectations as we received excellent weather over the weekend as I also have bullish recommendations in corn and wheat as I think the whole grain sector is headed higher. If you take a look at the daily chart the trend line remains intact while still trading above its 20 and 100 day moving average as the trend is higher so stay long.
CHART STRUCTURE: EXCELLENT
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