WHEAT – Down 1 to 2 cents per bushel. Firm dollar and ongoing pressure from abundant supply of wheat weigh on wheat futures. Neutral reaction to USDA’s weekly export CORN – Up 1 to 2 cents per bushel. * Support from larger-than-expected number for corn in USDA’s weekly export sales report and forecasts for showers… read more
Tag Archives: Commodity Trading
History suggests Iceland’s volcano could trigger major rally in futures.
Iceland has a history of volcano eruptions. Probably the most signifcant is the massive eruption of the Laki volcano in 1783 that lead to one of the greatest disasters in living history. The Laki volcano eruption occurred in the June of 1783 killing thousands and spreading a massive haze that covered most of Europe and parts of North… read more
Grains Called Higher
Grains Higher at 7:15 a.m. CDT Corn futures are expected to open 3 to 4 higher as of 7:15 a.m. CDT; soybeans 7 to 9 higher; wheat 6 to 8 higher.… read more
Silver falters at median line and triggers major sell signal. [chart]
Silver has been flirting with the two up-sloping median line over the past several days. The market closed beyond the long-term median line, but was lost momentum and could not push above the short-term median line and began to move away from the median line as it approached Monday’s reversal swing date. The market failed after… read more
Grain Calls
WHEAT – Down 1/2 to 1 cent per bushel. Profit-taking expected after the strong technical rally on Thursday. Plentiful supply of wheat continues to slow rallies. CORN – Down 1 to 2 cents per bushel. Outlooks for good U.S. corn planting weather through the weekend into next week weighing on corn futures in addition to… read more
Opening Grain Calls
WHEAT – Down 1 to 2 cents per bushel. Plentiful global supply of wheat weighs, in addition to pressure from a firm dollar. CORN – Down 1 to 2 cents per bushel. Firm dollar and good U.S. corn planting weather combine to weigh on market, in addition to profit-taking after Wednesday’s short-covering bounce. SOYBEANS –… read more
“Double cross’ pattern triggers new swing trading opportunity in Silver. [chart]
Silver crossed above the up-sloping median (center) line and closed beyond the line on Friday and Monday. However, heavy profit-taking pressured the market on Tuesday, causing the Silver t0 dip below the line. The sell-off ended quickly and Silver surged above the line for a second time during Wednesday’s trading session forming a “double cross”… read more
Bullish reaction swing portends new rally in Crude. [chart]
The International Energy Agency said that it expects world oil demand to average 86.6 million barrels per day (mbd) in 2010, slightly more than the previous record high of 86.5 mbd in 2007. Crude zoomed through the ascending median line and closed above the prior swing high of 85.43 on April 6th. From this new… read more
Wheat and Corn Calls
WHEAT – Up 1/2 to 1 cent per bushel. Follow-through technical buying after Monday’s firm close. Wheat market was oversold and due for a bounce but bullish momentum lacking amid plentiful supplies CORN – Down 1 to 2 cents per bushel. Forecasts for good U.S. corn planting weather this week weighs on market countering some… read more
Coffee turned lower by the up-sloping median line. [chart]
This chart, of the May Coffee, is a good illustration of the significance of the median (center) line. The line acts as dynamic resistance as the market trends higher. Coffee tested the median line three times during the cycle and failed after the fourth test on April 5. The swing pattern failure signaled an end to the upward trend and triggered… read more