Soybean Spread is Positioned to Continue Seasonal Decline

The Soybean (F20-K20) calendar spread is currently setting at the top of its' historical range and primed to continue to decline into its' seasonally weak period. The spread has profited 14 of the last 15 years when sold on 7/20 and bought on 12/20. We will likely close this trade in late September depending on the market action over the next couple of months. On Friday, I will be selling the Soybean (F20-K20) calendar spread at or near the Thursday close.