The grain markets appear to have hit some resistance last week, except soybeans which did move up slightly, and rice, which broke to the upside like I was expecting.

Wheat futures made the biggest correction with the volatility it has. The indicators show more upward movement for wheat but keep a stop around wheat’s resistance level.

Corn futures hit some resistance too so keep your stops placed.

Oat futures stalled a little so keep your stops on oats too.

Soybeans moved up some last week, but the price action looks like a correction could be coming. I would take profits or at least keep a real close stop. You can always re-enter a trade later on if it looks like it will start moving up again.

Rice did break up like I thought, so watch it close and go with it for now if it keeps going up. Especially if this level holds as support.

May Chicago wheat futures closed Friday at 522.0, down 41.4¢ for the week.

May corn futures closed Friday at 390.2, down 14.2¢ for the week.

May oat futures closed Friday at 196.0, down 3¢ for the week.

May soybean futures closed Friday at 1007.0, up 11.6¢ for the week.

May rice futures closed Friday at 13.395, up .615¢ for the week.

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Grain Commodity Futures Trading, Grain Commodity Futures Market Predictions