SX20 Soybeans Nov LONG w/ large upsideSure, many people don't get excited about Soybeans when market volatility is moving, COVID is a story with vaccines introduced and Gold rocking the world of some...but, Grains like Corn, and Soybeans I believe are about to move North in a BIG way. Look at the chart going back for a couple of years and you will see a big bullish Gartley, 1/3/5 bottom pattern, and the newer bullish Gartley that are yielding positive results today with a break out candle.
Good trading everyone and be safe!
8/12/20 Jason Roose, U.S. Commodities, says that this August report is different than last year's.
“The difference is that the expectations for an increase in yield, production and carry out for corn and soybeans eliminated any shock this year, with increased yields for corn of 3.3 bushels and a 3.5 bushel soybean yield. Plus, production increases in both corn and soybeans left very little bullish surprises on this report. But, key to the numbers released today is how much of the premium is dialed in. With 2019 world ending stocks lower than expected for corn and soybeans, combined with the weaker dollar, that scenario could offset larger ending stocks," Roose says.
