The commodity grain markets moved lower on Friday. Hopefully, if you had a short position on the corn futures, you held on to it like I recommended last week.

I haven’t read the crop report for corn, but I can imagine what it said. Actually I didn’t even realize that the crop report was coming out until Friday morning. I usually base my trades on technical analysis. That’s not to say that fundamental analysis is not a good idea, it can come in handy and some traders may use it a lot. It’s just not what I usually base my trades on.

May corn futures moved down 20¢ on Friday. Actually, May corn futures have moved down a total of 43¢ since I first recommended a short position about three weeks ago. I am holding on to see where corn futures settle.

May wheat futures also made a good drop Friday. Indicators are moving up and wheat could make a bounce up soon, but the trend has been down, so you could stick with it and just watch it close.

May oats futures also made a good drop on Friday. The indicators I follow seem to be pointing toward a good drop soon. Maybe a trend down. I think the new indicator I was reading two and a half weeks ago, was just an early indicator.

May Soybean futures also made a drop on Friday. Indicators are showing that the potential for a good drop is there too.

May rough rice futures did bounce up a little like I thought, and they also moved down on Friday. They could resume a downtrend like I was talking about.

Always keep your stops in place.

May chicago wheat futures ended the week at 438.0, down 23.4¢ for the week.

May corn futures ended the week at 374.4, down 28.8¢ for the week.

May oats futures ended the week at 276.4, down 14.6¢ for the week.

May soybean futures ended the week at 761.2, down 8.2¢ for the week.

May rough rice futures ended the week at 10.080, up .290¢ for the week.

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Grain Commodity Futures Trading, Grain Commodity Futures Market Predictions