Friday, January 11, 2008

Soybeans get close to lock limit price, fall back


Soybeans rose rapidly this morning, also on the bullish crop report. This is the closest I've seen soybeans to reaching their lock limit price since I began trading, passing quickly through the old price high of $12.90, and reaching a price of $13.06 4/8 before retracing. At the time of this posting, prices were still holding firmly above the old all-time price high of $12.90, as mentioned above. However, while maintaining price firmness, soybeans have been trading somewhat erratically in the minutes since. This is to be expected, as bulls take profits and the markets digest the rapid rise this morning. I love to trade on days like this one.