May Soybeans rose out of a tweezer candlestick reversal today. May see another up day tomorrow. Seeing that beans are pressured by Brazil harvest, we consider this a retracement and fall into bullish Butterfly. Suggest 50% or 61.8% next target. However, open interest is still rising and we are still in an uptrend. If market continues up, possible double top.
Comment:
Sales for Soybeans today, 8.7 million bushels of U.S. soybeans sold to unknown destinations. The deal included nearly 6.3 million of the 2016/2017 crop year and 2.4 million of the 2017/2018 crop. Weekly export sales on Thursday are expected to be similar to or greater than last week’s 19.8 million bushels.
