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A ship in Harbor is Safe .. but that's not what ships are built for.
A FuturesCom Special Report
July 1 1997
1:30 PM E.S.T
July SoyBeans have closed lower the last five days in a row , the bears are in complete control..The rally cry of the bulls , beens in the teens is a distant menmory.
It's almost the Fourth of July ...and the Beans have no friends....interesting.
I still remember July of 1983.. Chicago had a 100 Year Rain on July 1st, sat that time August .Beans were near $ 6.20 a bushel. Then the dogs days of late July and August set in and by August 16 they traded to over 8.30 per bushel...! Of course the rally was aided by an extreme heat wave which caused traders to scurry and buy beans.
.I don't think that will happen this year,however July soybeans are now 750 per bushel and aprox $ 1.50 cents over Nov. Indicating a continued tight supply, at a much lower price. A bit of weather premium added to this Soybeans Futures at this point would cause an easily 50 to 60 cent cent 'pop' at any time
One thing I do know and I have been in this Business over 18 years. I don't want to short Beans into the Fourth Week-End especially with an RSI under 15 !
If you have 'Ice water running thru your veins' you can buy August Beans.
August Beans are cheap under $7.00 per Bushel, however the technical damage is great., hold or stand aside.
I do firmly recommend Speculators begin purchasing November Soybean Futures at $5.90
It's a long time until the 'Dog Days' end ...anything can happen....
Happy Trading
Bill