The grain commodity markets bounced up a little last week and support appears to be holding. I think support will hold but if you want to be safe you can wait to make sure before going long. If you are more aggressive and want to get in now, make sure you keep a close stop and make sure support does hold.

Chicago wheat futures bounced up a little and dropped back down to support. It looks like support should hold.

Corn futures did the same and the price action looks good. I think support should hold, just keep your stops placed.

Oat futures are trading near some major resistance so watch them close. If oats break up they could make some new highs.

Soybean futures are also trading near some major resistance and if soybeans beak up we could see new highs.

Rough rice futures have shot straight up but look like they are ready to retrace some.

As always, keep your stops placed.

December Chicago wheat futures closed Friday at 497.2, up 3¢ from last Friday.

December corn futures closed Friday at 367.0, up 1¢ from last Friday.

December oat futures closed Friday at 254.0, down .4¢ from last Friday.

January soybean futures closed Friday at 955.0, down 21.4¢ from last Friday.

January rough rice futures closed Friday at 15.155, up .465¢ from last Friday.

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Grain Commodity Futures Trading, Grain Commodity Futures Market Predictions