Grain Commodity Futures Update

Chicago wheat futures started back up like I expected and closed above 942 on Thursday. It dropped back down to close the gap, but the indicators look good and I think it should hold around support before starting back up. Just keep your stops placed since the indicators look weak for the other grains and if the other grains start dropping, they could pull wheat down too.

Corn futures jumped up at the end of the week, but indicators are low and I think that was a chance to go short or get a put option, because I think corn should make some kind of correction soon.

I expected oats to drop down to support, but all the grains seem to be following each other and oats made a last jump up too, but I don’t think it will last. I think oats will drop back down. Always remember to keep your stops placed.

Soybean futures joined in with a jump up, but hit resistance. I think that was the chance for a put option like I said last week. I think soybeans will come down too.

September Chicago wheat futures closed Friday at 912.0, up 27.8¢ for the week.

September corn futures closed Friday at 767.6, up 32.2¢ for the week.

December oat futures closed Friday at 464.2, up 19¢ for the week.

August soybean futures closed Friday at 1579.0, up 44¢ for the week.

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