November Soybeans (SX) are seeing profit taking from a target level.
I thought you’d see this yesterday with it raining on LaSalle Street in Chicago.
One subscriber called to ask about a short at the level.
I hadn’t followed up with my CTA buddies who follow the producers
to get a read on current Old crop positioning.
I do know that the July grains go off the board Friday which can result in squeezes.
We’ve seen it in April Cattle last year and Oil on many occasions.
I thought it a good place to take profit, however I did not think, given my lack of information on current positions, it wise to trade from the other side.
The calendar could make for a rough Thursday-Friday equity trade.
Time to trade the technical levels and not think.
Thoughts and prayers go out to David Langer for a speedy recovery.