Daily Soybean oil
As the name of this commodity implies - "soybean" and "oil" - the price action of this commodity is influenced by crude oil and soybeans. Let me touch on the action in those two commodities: Crude oil is down 19% in the last 45 days and of late prices have started to pick up. From the current level I'm expecting a 5-8% appreciation. In the last week soybeans have begun their next ascent higher - in my opinion - gaining just better than 7%. With its influence it appears we see soybean oil prices appreciate from here.
In fact with beaten down prices I am starting to like the entire ag complex. Prices of soybean oil in the last two months are down approximately 16%. As you can see by the accompanied chart prices as of today are back above the 20 day MA for the first time since mid-April.
From current levels with a little help from outside markets and perhaps Mother Nature I target 53.00 in the July contract ... trade accordingly.
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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.