Note: Soybeans futures are showing menaingful movement. I think it's time to pay attention to soybean oil futures. Key price is 34.16. When they secure that price line, it will be a sign that they are out of the bottom and will rise one notch higher. Important prices are 28.53, 34.16 and 41.58. If the market is strong enough, they could rise up to 52.80. As 34.16 is a strong resistance, they will fluctuate soon. There will be opportunities to buy at a lower price.
Trade closed: target reached
⋅
As expected, soybean oil has hit the target price today. They could go a little higher. However, it is expected to make a peak soon. Next year (2021), they are expected to continue to be strong.
Beans & meal have been on fire. How much correlation is there to the oil? At 31.6 are you still a buyer - after having failed at 35.5 last week? I do like the idea. Thanks for your input.