Four out of the last five days corn futures have lost ground giving up nearly 40 cents after failing at their highs near $5.20/bushel in the July contract. Today the 50 day MA (blue line) was breached for the first time since late January. Future settled just below their 38.2% Fibonacci level . Though the […]
In just over three weeks wheat futures have moved from oversold to overbought advancing 8% in the futures market. We have closed lower the last three consecutive sessions closing below the 9 day MA (green line) today. This was the confirmation I was looking for and have spoke to in the last few days. Use […]
In the last week December wheat futures have trade lower by 30 cents/bushel and are flirting with the $7 mark. As seen in the chart below this level has served as support for the last four months. On every attempt to penetrate this level buyers have defended $7/bushel. Past performance is not indicative of future […]
Energy: April Crude oil has finished higher the last 3 sessions and 4 out of the last 5 trading days. With prices settling above its 8 day MA the last 2 days I think we are poised to move higher short term. I’ve advised clients to start scaling back into bullish trade; long futures and […]
March wheat futures at the Chicago Board of Trade on Wednesday saw prices touch a fresh three-month high of $6.46 1/4 a bushel. However, prices then backed off by the close Wednesday to close solidly lower, near the session low and produce a bearish “outside day” down on the daily bar chart. The market on […]
December soft red winter wheat futures on the Chicago Board of Trade on Thursday gapped higher on the daily bar chart, traded up the limit of 30 cents a bushel and also hit a fresh contract and all-time record high of $7.88 1/2. Strong worldwide demand amid very tight worldwide supplies and end-users scrambling to […]
I recently blogged about the developing honey bee crisis, commonly referred to as Colony Collapse Disorder, and the possible dramatic effects that it could levy on various agriculture markets. Off the topic of this article I was having a discussion with a friend the other day about the possible use of tagging honey bees with […]
