Weekend Update

Chicago wheat is trading around support right now, and the indicators are hard to read, so I would wait for a move to make a trade unless you are an aggressive trader. IT appears to me it could trade up or sideways but if it breaks through support, it could go lower.

Corn has been stalling this week but has had quite a few distribution days and the indicators are low. My money is on a drop, I don’t know how far, but corn needs a correction of some kind.

Oats bounced up off support like I thought they would, but actually a lot higher than I expected. I have said oats are harder to read, but they are at a resistance point and cautious investors should take profits and aggressive traders should at least keep a close stop or buy an opposing option. You can sell it if it breaks through resistance.

Soybeans did hit some support like I (meant to say) last week. Actually I said resistance, when resistance means hitting a barrier on a move up. Support means hitting a barrier on the move down. Since Soybeans were moving down, I hope you understood what I was trying to say! But I do apologize and will be more careful in my terminology from now on. I’m not sure about soybeans, it looks like they could go up some more, but I am unsure. If you are unsure about the trade I would suggest waiting for a more definite trade to enter. If you are aggressive I might expect a bounce up, but keep a close stop or also buy an apposing option. Soybeans are pretty high but 8 seems to be a magic number, if you know what I mean.

Rough rice bounced up a little higher than I expected, but didn’t break resistance and I don’t think it will. The next move appears down. We’ll have to wait and see if it breaks through the support level, but the indicators are pretty low. It may take some time for rice to develop a down trend, but it is possible.

I don’t usually talk about personal things on my blog, but I live on the coast and a friend of mine got me some jumbo shrimp, fresh off the boat and I’m going to stuff them and wrap them in bacon and throw them on the grill… “Delicious!”

I’m going to have a good weekend and I hope you do too!

May Chicago wheat ended the week at 476.4, up 2.8Â¢ for the week.
May corn ended the week at 417.4, down 3.6Â¢ for the week.
May oats ended the week at 263.0, up 17Â¢ for the week.
May soybeans ended the week at 759.6, up 6.2Â¢ for the week.
(March) rough rice ended the week at 10.380, up .080Â¢ for the week.

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