As I suggested back on November 8, Soybeans have moved well into new levels. I am recommending taking advantage of this recent spike in the March futures to finish your soybean sales for 2016 as a futures only sale. Soybean prices spiked to near 78.6% of the total contract high of last year at $10.74. We will get a sell signal soon on the CCI oscillator.
I am also recommending to sell another 10% of new crop soybeans at this level. Soybeans have broken out to new highs, and we will have a CCI Sell signal in short order. As I am writing this, beans are at $10.358.
On the weekly chart, soybeans are now at oversold levels. The RSI, and Stochastics are at oversold levels, and the CCI soon will get there.
I am not worried about prices falling off the edge of a cliff here, and we are still a day or two from triggering an actual CCI sell signal. These are good price levels to begin 2017. We are just beginning to head into the spring price discovery period which is typically bullish The dollar is at extremely high levels and should drop any day, and the optimism index is showing there is a lot of room to go higher. $11 soybeans are not out of the question and are at the next Fibonacci extension at 161.8. Prices will probably need to get that high to get the optimism index over 70.