The grain market looks to be headed lower. I have increased my Soybean Meal short position yesterday and added more shorts today.
A weekly closed below 340 would be very bearish.
As of right now I do not have a position in Soybeans but I may short a rally.
I shorted Soybean Oil a few trading days ago and got stopped out for a loss. I should have waited for a down day before shorting. If I would have followed my plan I would be up big profits on Soybean Oil. When shorting a retest, I wait for a down day for confirmation.
Corn is probably the best grain market to short. However, I do not want to add a short position here. I want to see a daily closing near or below the 500 level before going short.
I am flat KC wheat. I got stopped out for a small profit.