Weekend Update
Chicago Wheat did move a little lower as I thought it could but it may have found support and the indicators are heading up so I expect it to move up soon. Keep your stops in place.
Corn has only slowly trended down and not dropped as fast as I would have liked, so I would keep a close stop just in case it decides to jump up but indicators are looking pretty negative for corn.
Oats have only slowly trended down and the indicators seem negative for them too, but I would keep a close stop.
Soybeans started moving up early in the week, hopefully you had stops in place. They seemed to be bouncing off resistance Thursday and then broke through. The indicators are heading down so this may only be a last ditch effort at a rally, but I wouldn’t short until the move is confirmed.
Rough rice has hit support and may make a rally to fill the gap. If it breaks down through support, it may be time to short again. Indicators are down but starting to move up.
March Chicago wheat closed the week at 461.2, down 2.2¢
March corn closed the week at 402.0, down 3.4¢
March oats closed the week at 258, down 4.2¢
March soybeans closed the week at 736.6, up 26.2¢
march rough rice closed the week at 10.130, down .090¢
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