Grain Market Sells Off On Rain And Economic Slowdown
Grain Futures--- The grain market finished sharply lower today in Chicago with soybeans down around 23 cents in early trade it 13.71 a bushel while corn futures are down 16 cents in the December contract at 5.50 a bushel in early trade while many commodities this morning are sharply lower including the precious metal and energy sector which could put some pressure on the grain market later today. The Midwest received ample rains last night in many parts except for Illinois and Indiana with the problem continues to persist like I stated last week's blog I was bullish the grain market due to the fact that I think they will cut the crop production in the next report because of the dryness here in these two states which are number 1 and number 2 in soybean production. Wheat futures have been climbing lately in recent sessions but after rallying early sold off 8 cents at 6.98 in the December contract while the December oat contract is down another two cents at 2.93 looking to break out above 3.02 which would mark a three week high of price. In my opinion I'm still bullish the grain market I do believe prices are going higher because of the fact that the weather is not cooperating in many parts of the Midwest, however if you are looking to get long this market remember to always use a stop loss in case you are wrong because the market does have tremendous swings on both sides due to weather conditions. 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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