An influential Wall Street bank informed investors that they were over-weighting commodities for the first time in four years, and many key commodity markets experienced aggressive buying from speculators yesterday. When one digs into their report, however, they focus more on iron ore, steel, and crude oil. But we all know the soybeans have been a darling for the investment community, even with a projected 480 million bushel ending stocks figure and what seems to be ideal South American weather. Not to mention, a 2.61 new crop soybean ratio versus 2.25 at this time last year. Analytical firms have projected soybean acres at 88.6 million acres, up nearly 5 million from last year and when one calculates a profitability profile on acreage next year with the kind of soybean yields we had this year, 90 plus million soybean acres are very possible. The bearish slant may have to wait for another time as it is Thanksgiving week, which has a strong seasonal to buy soybeans early in the week and sell them after at the end of this week. January soybeans now have a swing objective of 10524. For now, there is no technical sign of a high.
Series 3 Licensed
Market Strategist II
Tony majored in Economics at Eastern Illinois University. He performed his thesis on the market price of corn in the market and the factors that affect it. Tony was drawn to futures trading because of the opportunity to have financial gains in an economic environment. He prides himself on working with customers one-on-one and developing a trading strategy based on the client's needs and wants.