The grain markets looked like they were going to start moving up off support a couple of days ago but have stayed there and are hovering around support right now so is a sign to hold off until you see more confirmation of a move up, if you want to be safe.

Hopefully support will hold but if it fails then the grain futures could move back down.

Wheat futures were up around 100¢ in the previous three weeks before retracing last week and they are hovering around support now. Watch and look for a confirmation move.

Corn futures moved up some 80¢ in the previous 5 weeks before retracing last week. Corn is also hovering around support so watch for a confirmation move.

Oat futures were up some 60¢ in the last 5 weeks but have been stalling the last 2 weeks. I would wait for a confirmation move on oats too.

Soybean futures jumped up almost 100¢ a few weeks ago but have been stalling at resistance since then. We’ll have to wait to see a confirmation move in soybeans too.

Rough rice futures broke up last week and may be ready to move up more. If you go long on rice, make sure that they keep this price level as support and don’t fall back below it. That would be a negative sign.

Remember that if you aren’t sure about a trade, it won’t hurt to skip it and sit on the sidelines for a while.

December Chicago wheat futures closed Friday at 494.2, down 53.4¢ from the previous Friday.

December corn futures closed Friday at 366.0, down 31.6¢ from the previous Friday.

December oat futures closed Friday at 254.4, up 4.2¢ from the previous Friday.

January soybean futures closed Friday at 976.4, down 29.6¢ from the previous Friday.

December Rough rice futures closed Friday at 14.690, up 1.260¢ from the previous Friday.

grains,trading,commodities,futures,investing,finance
Grain Commodity Futures Trading, Grain Commodity Futures Market Predictions

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