Weekend Update

This week for the commodity markets was short due to the holiday. I feel like the bull market in the grains is fatigued right now.
Wheat and corn futures bounced back up like I expected. I saw the bounce up in wheat coming first, from the indicators. After corn made two limit moves down and hit support I thought it was pretty obvious that corn could bounce up. I didn’t make a post, but maybe I should have.

Wheat closed the gap it left and could make a move down soon. It may not make a big move, it could go down and trade sideways. Indicators are on the high side, but wheat has been in a downtrend. I’m not too sure, so be careful.

Corn closed limit down last Friday, and limit down on Monday. That was a good sign to cover your shorts. One gap Is good, two is great. On Tuesday corn closed a little lower before moving upon Wednesday. On Tuesday corn closed at 346.2 which is down 71.2Â¢ from when I called a short on corn on March 11^th, about four weeks ago. Corn jumped up a little after that but it appears to me that corn could start moving down again. Just keep your stops in place.

Oats, rough rice and soybean futures have been trading pretty much sideways lately. I think the breakout will be to the downside. Just keep your stops in place.

Some reports haven’t been released do to the holiday. I should know more on Monday. If you are unsure about a trade you don’t have to take it. Other trades will come along.

May Chicago wheat futures closed the week at 445.0, up 7Â¢ for the week.

May corn futures closed the week at 366.0, down 8.4Â¢ for the week.

May oats futures closed the week at 276.4, no change for the week.

May soybeans closed the week at 760.4, down .80Â¢ for the week.

May rough rice futures closed the week at 10.250, up .170Â¢ for the week.

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