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Bean Oil Quick View & Daily Chart and Futures Trading Levels 8.06.2020

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Bean Oil Quick View
By John Thorpe, Senior Broker
There is no mention in the Sino-US phase one trade deal, the Chinese can’t fulfill their food security needs/obligations of soybean purchases in beans alone, their obligations can also be met through the edible oil market. Here is a daily chart on the soybean oil futures market. December CBOT Bean oil ZLZ20
soybean oil futures
From the springtime bottom, through the guiding hands, you can see likely support and resistance that this market will likely test.
 A Weaker US Dollar vs the Brazilian Real’s relative strength equates to higher demand for U.S Dollar denominated Soybean oil supply impacting the soybean oil futures market.

Good Trading

Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors.  You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time when it comes to Futures Trading.

 

Futures Trading Levels

8-06-2020

soybean oil futures

 


Economic Reports, source: 

https://bettertrader.co/ 

soybean oil futures

This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading.

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