Soybeans on the rise; is China plating a hand?
- Since bottoming in September near 815 cents area, the price of Soybeans has been rising steadily. The price is up around 100 cents since September as the grain trades at 915 cents area, as of today.
- We warned in November that the next move is likely to be up and several of the bullish targets are now reached, https://www.econotimes.com/FxWirePro-Call-review-Soybean-price-likely-to-test-1000-cents-area-broader-trend-still-bearish-1457320
Chinese pledge energizes bulls:
- Last week’s commitment from Chinese Vice Premier that it would buy Soybeans in bulk from U.S. farmers to the tune of 5 million tons has given the latest boost to bulls, https://www.youtube.com/watch?v=Z1P-BUEaH3U
Price forecast:
- We maintain our short-term bullish outlook and expect the price to test 1000 cents per bushel area and might even break and reach as high as 1030 cents area, before selling pressure sets in.
