Just a few markets to touch on that we are not already trading as we finish off the back end of the week…
The soybean futures rallied about 30 cents last week, closing on the weekly highs on Friday. The rally pushed up to a significant Fibonacci retracement level and set the stage for a trade opportunity for Monday.
This is a sample entry from Brian Cullen’s email newsletter, The Cullen Outlook. Good Morning- It is good to be back! I hope everyone had a great week! I am getting back in the groove with the markets after 5 trading days away, but there are a few markets that have my attention, so let’s… Read More.
Good Morning— Happy Friday. I hope everyone had a great week, lets finish it up on a high note and get involved in the weekend. We have a few positions on and there are a few that I want to bring to your attention. So lets get crackin’… In the Indices and Financials: With yesterday’s… Read More.
If it had not been for Wheat, human beings may never have socially and culturally developed as cosmopolitan as we have. Wheat was the first crop to be cultivated on a grand scale and stored long-term, enabling the start of city-based societies and the dawning of civilization.
Canola is a genetic variation of rapeseed developed by Canadian plant breeders specifically for its nutritional qualities and its low level of saturated fat. The term Canola is a contraction of “Canadian oil.”
March corn is now trading above $4.50 and has stopped us out of our short position from $4.25. While I remain bearish on corn prices for 2013/14 and 2014/15, you can’t deny these low US corn prices have spurned demand from exports, ethanol and animal feed.
The USDA released their February WASDE report this morning (February 10). The February report is not normally a big market mover and the report followed suit as there were a few surprises, but not enough to get the corn, soybeans or wheat markets above resistance levels or below support levels…yet.
It appears the cash corn trade has come to a standstill over recent weeks as weather and lack of a selling catalyst has spreads and basis tightening. I want to point out the performance of the March contract against the other contracts in the 2014 crop year over recent months.
The grain data came fast and furious all day! It started with Brazil forecasting their production this morning, followed by the USDA giving us their take on everything but old crop supplies (those will come in the JAN report). While the results of today’s report may have not inspired much volatility at 11 am, I did notice a few things that may become trends over what is left of 2013 and the start of 2014.