Soymeal Prices Hit 10 Week Highs

Soymeal Meal Futures--- Soybean meal futures in the December contract are currently up 800 points at 323 reacting positively to the USDA crop report which was released this afternoon as I have been recommending a bullish position from the 313 level recommending more positions like I talked about in previous blogs around the 321 level while now placing the stop loss under the 10 day low which stands at 309.80 as the risk on both positions is around $1,500 per contract plus slippage and commission.

Remember adding to winners and getting out of losers is the best way to trade in my opinion as this report really wasn't that bullish, but the fact that it wasn't extremely bearish is the reason why I think prices are higher as we are still trading above the 20 and 100 day moving average telling you that the short-term trend is higher, however the chart structure will not improve for another 4 trading sessions so you're going to have to accept the monetary risk at this time.

If you take a look at the daily chart there is a price gap that was created on July 28th around the 328 area as I think that's the next level prices will test & if that is broken I think we can head back up to 340/345 level in the coming days ahead as all bad news has already been reflected so stay long and add to this position.TREND: HIGHERCHART STRUCTURE: SOLID

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