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 […]
A broken clock is correct twice a day…and just sometimes when we look for a bounce or retracement the market delivers. In the last two sessions the Ags have jumped and as of this post corn has climbed 5.7% in the last 2 sessions, soybeans is 4.2% off its lows and wheat (my current pick) […]
Having been a proponent of bullish grain plays for several weeks now, I’m happy to see new crop wheat and corn on the verge of breaking above significant down trend lines. These have acted as resistance for two quarters, so a break above should produce a meaningful move higher. Wheat prices appear to be forming […]
CBOT wheat prices peaked in early November of last year. Since then prices have lost over $2 a bushel. “Meh – what’s $2 a bushel,” you ask!? How about $10,000 per futures contract! That’s a pretty big move; especially considering you can trade wheat with a margin commitment of just over $3,000 per contract. Of […]
Energy: After five positive sessions Crude oil finished in the red today but it was not a one way trade as the trading range was nearly $2. I started advising clients today to work into bearish trade thinking we see prices $3-5 lower in the coming weeks. The heating oil/RBOB spread mentioned in previous weeks […]
