This won’t be a long post because the grain futures markets haven’t done much since my last post. We are still waiting for a breakout of the sideways trend that most of the grains have been in for the last couple of months.

The thing is that the indicators are moving down and the price action of the grain markets have me starting to believe that the markets will break down again soon. But things may change so keep an eye on the support and resistance levels and keep your stops placed.

Chicago wheat futures bounced up a little last week but hit resistance and closed the week about the same as where they started. The indicators aren’t really showing the strength I think wheat needs to break resistance right now so we may be seeing a break down. Keep your stops placed though.

Corn futures also hit resistance too and moved back down to support. I would watch for a move down on corn too.

Oat futures have moved down slowly for the last few weeks and are near support but oats may continue their downtrend too. Watch them close and keep your stops placed.

Soybean futures broke up a few weeks ago but they are hitting resistance again and we may be seeing a drop in soybeans too. Just keep your stops placed.

Rough rice futures have moved up a good way but appear to be ready for a correction. Just keep your stops placed.

March Chicago wheat futures closed Friday at 558.0, down 11.6&cent from last Friday.

March corn futures closed Friday at 388.4, down 25&cent from last Friday.

March oat futures closed Friday at 257.0, down 11.4&cent from last Friday.

January soybean futures closed Friday at 1043.0, down 10&cent from last Friday.

January rough rice futures closed Friday at 15.715, up .315&cent from last Friday.

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Grain Commodity Futures Trading, Grain Commodity Futures Market Predictions