the crop report is very bearish for soybeans. They have been limit down for most of the morning. I am think we will see some more weakness in soybeans over the near term.
I was surprised too. They must have gone the way of expanded limits like wheat. I think its 50% more so maybe the limit today is 105??? Here's the press release...read the fourth paragraph. http://cmegroup.mediaroom.com/index.php?s=43&item=710
I am not sure, but I covered my short just now because. I have no idea what this thing will do anymore. It has gone beyond my analysis. Anyway, $8,400 profit on one contract in one day is enough for me.
from bloomie: Hedge Funds In the week ended March 25, hedge-fund managers and other large speculators held 114,759 net-long contracts, down 0.9 percent from the previous week, according to the U.S. Commodity Futures Trading Commission. Net-long positions, or bets prices will climb, reached a record 155,278 contracts on Dec. 11. Funds that invest in baskets of commodities held 175,137 net-long contracts, down 0.8 percent. Index funds were net long a record 198,707 in the week ended Feb. 19. ``Anybody that bought soybeans since the start of the year will be going home with a loss today,'' Henderson said. ``There could be more liquidation'' of investment and speculative bets on higher prices before the market's decline slows, Henderson said. http://tinyurl.com/2nbr6q
anyone thinking of shorting ZS at these levels? soybeans arenow green for today! i'm thinking of shorting. but have never traded beans before :eek: :eek:
huge swings pal... best use the minis or something...or trade corn because it's a bit less volatile...