The Way Ahead
I wanted to offset the short contract of soybean, but it increases in the continuing three days .The demand of continuing increase shows the strong increase trend of cash market instead of temporary information shock. I predict this continue trend may not disappear recently.I will not offset it until the trend becon advantageous.
This week I went a short contract of soybean. The equability is $38983.90. I suffer a loss of $-1462.50.I am more familiar with the trend of corn, and the violability of corn is not as much as soybean. So I am continuing short corn contract.
According to Chicago on Oct. 26, the Chicago Board of Trade corn futures on Friday closed down due to reduced demand for exports, and there are indications of slowdown trend in the livestock and poultry industry needs.December corn futures contract settled down 4-1/4 cents to $ 7.37-3 / 4 per bushel.
The agrometeorological experts said on Friday that, from this weekend and continue into next week, early dry weather will boost the prospects for the U.S. corn and soybean crops harvest.MDA EarthSat Weather weather experts said , “people will breathe a sigh of relief, because the weather dries out and contribute to the harvest of corn and soybean crops.”The traders said most of the U.S. corn spot basis bids steady.December contract cut into key resistance level and the 50-day moving average of $ 7.69-1 / 4.Ninth day Relative Strength Index (RSI) is 40.