Yeah I know it’s been a while but the grains have been consolidating for a while. I guess they are trying to figure out where to go.
I thought there was enough volatility to give the grains a quicker rebound but I did say that they probably wouldn’t go any lower in my last post. But with the time that has passed, we will need to re-evaluate the situation find out when the assumed rally will happen.
Chicago wheat futures indicators are
The short term indicators aren’t that strong so it may still be a little while before wheat breaks out but the momentum seems to be building and I would watch it close because it may be worth buying a call option now, or at least really soon.
Corn futures are looking good also. In the next day or two would probably be a good time to buy a call option. Corn should hit support and hopefully move up quick, but it should move up soon anyhow.
Oat futures are always the lagger, but I guess that’s what makes them interesting. They’re harder to figure out. But they appear ready to bounce up to me.
Soybean futures price action looks good. They could make a drop down to support, but the indicators are showing a strong move to the upside soon, just like all the other grains are showing.
Rough Rice futures made a scary and unexpected drop but that’s why you keep your stops placed or buy opposing options. Rice has been pretty volatile anyway but the indicators are moving up for rice and I don’t expect it to go any lower than support right now.
P.S. If you bought my ebook and have any questions about the indicators, just shoot me an email at the GrainTrader email I gave you and I will help you out.
March Chicago wheat futures closed Friday at 489.6¢.
March corn futures closed Friday at 360.0¢.
March oat futures closed Friday at 230.0¢.
March soybean futures closed Friday at 945.0¢.
March rough rice futures closed Friday at 13.630¢.
Grain Commodity Futures Trading, Grain Commodity Futures Market Predictions