Grain Commodity Futures Friday Update

Chicago wheat futures made a good drop before hitting support like I was saying last week. Wheat actually dropped 30¢ on Monday, and as low as 49¢ on Wednesday. Wheat looked like it was trying to rebound, but I think most of the momentum is gone and it is now on the way down. If wheat breaks through support, it could make a big drop.

Corn futures dropped a bit on Monday and pulled back up some by Friday. I don’t have a definite call on corn right now but I am not very bullish on it either. Corn could move sideways but if corn breaks through support, I would short it.

Oat futures started back up and should keep up the trend. They may not go in a straight line, but should be trending up.

I think the bounce up in soybean futures this week gives an opportunity to go short at a good price or buy some put options. The volatility is high in beans and could have some wide movement so options may be the way to go if they are priced right, but I think soybeans have topped for now.

Rough rice futures won’t seem to break through resistance, and could move back down. If rice does break resistance it should go higher.

December Chicago wheat commodity futures closed today at 857.4, down 32.6¢ for the week.

December corn commodity futures closed today at 351.0, up 8.8¢ for the week.

December oat commodity futures closed today at 277.0, up 4¢ for the week.

November soybean commodity futures closed today at 976.6, up 36.2¢ for the week.

November rough rice commodity futures closed today at 11.640, up .090¢ for the week.

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