Soybean Rally Failure

July 15th, 2009 Posted in Uncategorized

Early on in the trading session all the ducks were in a row for a Grain/Oilseed rally. The $US is under sharp pressure, energy prices are higher, commodity indices are rallying, & equities are markedly higher. So what happened to soybeans?  The old and new crop contracts put in $0.40 ranges today, rallying early & breaking late to close much nearer the lows of the day than the highs.

Whatever pulled the soybean market lower will hopefully continue and provide an opportunity for those who agree with me that there is a bear flag formation in the chart (see yesterday's post).   

Now I don't trade on hope, I trade with a clear and concise strategy.

Contact me with any questions/comments, Bob