Soybeans have been on a tear lately. The November Bean contract is only 8 cents away from the contract highs. The commodity Channel Index will be giving a sell signal now any day. This would only be the second sell signal the Nov contract has had over the past two years. Soybeans have only had weekly sell signals given th the Weekly CCI 4 times over the past 10 years. We are about to have one of those signals. Over the past 10 years, we have only had optimism at excessive levels 6 times. We are at excessive optimism now. It is my belief you should be aggressive selling soybean, and I would not be afraid to begin selling 2021 soybeans now.
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May 2021
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