Next week I want to go ahead with the same commodity, soybean, hopping that more research will give me a better picture of what I should trade on the soybean futures market.
I will look after the characteristics of soybean global market as well as the trends of the main countries that produce and the countries that are the main consumers of soybean for the next year. Also, I will have to take in consideration that soybean is not only consumed by humans, but also for livestock and in the production of biodiesel.
Learning to “read” and interpret market data related to soybeans futures as those on the CME Group website http://www.cmegroup.com/trading/agricultural/grain-and-oilseed/soybean_quotes_globex.html I really think it would be helpful in understanding and predicting the future prices of soybean and from there the prices of any commodity trade on the futures market.
I intend to read more agricultural news to better understand the relation between soybean price and the price of other grains that are a substitute in case of a shortage in soybean supply. http://www.agweb.com/search/?Keywords=soybean
A special attention I need to give to the biggest consumer of soybean, China, because any decision on importing soybean from the world market will influence the price on the futures market.
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