Grain Commodity Futures Wednesday Update

Actually it is after midnight, so this will post as a Thursday post. I have been pretty busy lately. I am trying to get a website going to interact with my blog. It’s been a trying experience.
This will be a short post because most of the grains acted the same today.

It appears the run-up has ended for now. The grain futures seem to be ready for a drop.

Wheat futures appear to be coming down. Maybe not straight down, but down.
Corn futures have been stuck in a sideways trend and nobody knows if they will break out anytime soon. I would just watch corn and if it breaks out to one side, go with it. Remember to watch it though, a lot of times a commodity waits untill everyone forgets about it and then goes wild. If the volume drops really low, that is a good sign too.

Oat Futures usually bottom around July to August. I think they may be starting their downtrend a little early. I do watch some seasonal tendencies, but you can’t go strictly by that. you have to be able to watch the indicators and co-ordinate a move with the seasonal factors.

Soybean futures seem to be starting a move down.

Rough Rice futures are hard to read, some indicators are pointing toward a jump up, but with the other grains moving down, I would be careful of a drop. Rice is at a support level now so if it drops, it could go lower.

Always keep your stops in place.

July Chicago wheat closed today at 519.6
July corn closed today at 374.6
July oats closed today at 290.4
July soybeans closed today at 822.2
July rough rice closed today at 10.110

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