Grain Market Mixed With Big Volatility
Grain Futures---The grain futures this afternoon traded in a very volatile and wild session with November soybeans finishing down nearly $.13 a bushel the close at 12.77 and traded as low as 12.45 earlier the trading session while July soybeans finished higher by $.13 blamed on old crop --new crop spreading. Corn futures for the July contract were up $.20 at one point only to sell off and finish unchanged while December corn finished down eight cents to close right around 5.14 a bushel blamed on cooler and wet weather here in the Midwest plus a pessimistic outlook for most commodities and stocks. Wheat futures plummeted once again down another 25 cents to close right around 6.18 a bushel and what’s been an absolute bloodbath to traders with prices going straight up one week and then straight down the next week as I have been advising for weeks now to stay away from wheat it is a terrible market at this point with absolutely no trend and in one of the choppiest markets I've ever witnessed in my entire trading career. Rough Rice futures were down another 14 cents to close around 14.08 in the July contract breaking out to new lows once again on renewed pessimism of the worldwide demand for rice and many other agricultural products. As I've stated in many previous blogs I am bearish the grain market and I am bearish the commodity sector and stocks as a whole because I think Europe is in a whole lot of trouble at this point and I believe demand for the grain market will slide dramatically, however the grains are entering a weather market if 95° comes every day with no rain then all bets are off because the price can definitely move higher due to a cut in production, but at this point in time the weather is absolutely fine and the trend is lower. If you are looking for a futures broker feel free to contact Michael Seery at 800-615-7649 and he will be more than happy to help you with your trading.
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