Soybeans Finally Take A Breath

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After ten sessions, soybeans finally closed down. I was expecting it and indeed have been waiting for the past three days for it to happen. It seemed very likely that it would need to take a breath, having risen 4% this week alone. With nothing new today to help the bulls push forward and the combines starting to roll out with good weather for the harvest in the US, it was only surprising to me that more profit-taking hadn’t happened earlier in the week. I guess I have China to thank for that. Clearly the market believes it is currently overbought. Now, to wait for next week to see if this breath becomes a breather.

Corn again seems to be of most interest having closed up once again. I suppose when you’ve potentially got the biggest crop since the 1940s, and the reports have been good so far, but the price is still going up, that’s one hell of a surprise and hence big news. Wheat only drew a few wistful sighs from me today as it touched limit-up once again and closed up 24 cents. *sigh*

As my account is now a little healthier, I will be looking for other potential positions over the weekend. It certainly feels like I’ve missed the boat on several opportunities over the last four weeks. It will need some careful consideration, to be covered in my very first WRAP UP.

Open Positions

Asset Contract Position Change
Soybeans November 2007 Long -10.00

Account Details

Account Balance: €271.48
Open Position P/L: €460.00
Account Position: €731.48
Overall P/L: -€1318.52
   

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