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Soybean ETF (SOYB) Hits New 52-Week High
For investors seeking momentum, Teucrium Soybean Fund (SOYB - Free Report) is probably on radar. The fund just hit a 52-week high and is up 30.3% from its 52-week low price of $20.16 per share.
But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed:
SOYB in Focus
This underlying index looks to reflect the daily changes of a weighted average of the closing prices for three futures contracts for soybeans that are traded on the CBOT. The three contracts will be: 2nd-to-expire contract, 3rd-to-expire contract and the contract expiring in the November following the expiration month of the 3rd-to-expire contract. It charges a fee of 1.88% per year.
Why the Move?
U.S. soybean exports were 51.9 million bushels, up slightly from the previous week's 49.6 million bushels, but way below same-week exports from last year of 70.1 million bushels. Higher demand for soybeans has been fueling the rally.
More Gains Ahead?
Currently, SOYB has a Zacks ETF Rank #3 (Hold) with a High risk outlook.