Large demand from China and a cold snap in that country associated with La Nina are supporting the continuing uptrend in soybeans. There is clearly a trend and there was clearly a breakout, and the profit target is the right side of the 10-year high — no reason not to trade. I placed the stop a little wider than 1ATR, below the low of the breakout day, and bought on a limit order overnight (as I decided to trade after the close). Thrust looks limp but that is because there was a big down thrust day — this is the biggest up-thrust for 20 days.
Soybeans for January delivery rose 6.75 cents, or 0.6 percent, to $12.305 a bushel at 11 a.m. London time on the Chicago Board of Trade. The price earlier touched $12.35 a bushel, the highest price for the most-active contract since June 5, 2009.