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
Tag Archives: Commodity Trading
Crude oil is setting up for the next swing higher. [chart]
Crude zoomed through the ascending median line and closed above the prior swing high of 85.43, posted on January 11, 2010. Having used its energy, Crude pulled back to an area of support provided by two action-reaction lines and the 20- day sma. This price action has formed a bullish reaction swing, above the median line, and set up… read more
Opening Grain Calls
WHEAT – Up 3 to 5 cents per bushel. Weak dollar and short-covering after the declines on Friday lift wheat futures. CORN – Up 2 to 3 cents per bushel. Short-covering after the decline Friday and weak dollar combine to lift corn futures. Gains limited by improved U.S. seeding weather. Trade expecting USDA late on… read more
Opening Grain News
CHICAGO (Dow Jones)–Estimates for increased world corn and soybean carryout issued in a U.S. Department of Agriculture report Friday are bearish for Chicago Board of Trade grain and soybean futures, traders said. CBOT corn and wheat are called to open the day session 1-2 cents per bushel lower. CBOT soybeans are called to open 2-3… read more
Current pattern may setting up major sell for Soybeans. [chart]
Soybeans have been trading is sideways trading range for the past two and half months. The last attempt to test the up-sloping median line failed and the market has dropped back to test the lower trigger line. A break below the (red) trigger line is bearish and typically portends a significant price move in the… read more
Spread traders may want to consider this seasonal Soybean spread. [chart]
According to the Moore Research Center of Eugene, OR, it is time to consider the seasonal Soybean spread of long July Soybeans and short November Soybeans. They state that the seasonal recommendation begins on April 4 and runs thru May 7. Moore Research reports that the spread has been profitable 12 out of the past 15… read more
Open Grain Calls
CORN – Down 1 to 2 cents per bushel. Higher dollar, lower crude oil and plentiful supply of feedgrains weigh on corn futures. Some choppy price action amid unsettled U.S. corn seeding weather. SOYBEANS – Down 2 to 3 cents per bushel. Firm dollar, lower crude oil and harvesting of record large South American soybean… read more
Livestock News
CHICAGO, April 6 (Reuters) – Chicago Mercantile Exchange ive cattle futures were lower early on Tuesday in electronic rading amid profit taking and pressure from lower financials hile firm cash markets and technicals provide support. Lean hogs were higher with April setting a new 19-month igh for a lead contract overnight amid firm cash markets.… read more
Opening Grain Calls
WHEAT – Down 1/2 to 1 cent per bushel. Strong condition ratings for the U.S. winter wheat crop as released by the USDA late Monday and a firm dollar weighs on wheat futures. KCBT HRW winter wheat firm as Iraq buys wheat including 50,000 tonnes of U.S. HRW wheat. CORN – Up 1/2 to 1… read more
Crude oil reaches new 18-month high. Will it continue? [chart]
Crude oil traded out of the 5-wave continuation pattern on March 29. The new bullish upward swing was confirmed after the market posted a low pivot on March 26, followed by a close above the up-sloping median line on March 31. This pattern can be a very important marker in a trending market because it usually marks the… read more