Commitment of Traders Report Shows Strong Build in Soybean Meal
Commercial traders have more than doubled their position in December soybean meal futures over the last month. Clearly they have been ahead of the curve in their anticipation of the seasonal strength the market typically shows between mid October and contract expiration. Friday is first notice day and speculators will need to be out of the market by Thursday’s close. Therefore, there is a strong possibility that the December soybean meal futures will rally on speculator short covering into the notice period. We will place a protective sell stop at the recent low of 420.2 and look to take profits by Thursday’s close.
|Commitment of Traders Report Build in Commercial Position|