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Veteran Advisor

Floor Talk July 14

At the close:

The Dec. corn futures settled 3 1/2 cents higher at $3.88.

 

Nov. soybean futures finished 11 1/4 cents higher at $10.86.

Sep. wheat futures closed 11 3/4 cents higher at $5.37.

 

The Dec. soymeal futures contract settled $3.70 per short ton higher at $348.70. The Dec. soyoil futures ended $0.14 higher at $37.10.
In the outside markets, the NYMEX Brent crude oil is $0.30 per barrel lower, the dollar is lower and the Dow Jones Industrials are 117 points higher.

 

 

Mike

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At mid-session:

The Dec. corn futures are trading 1/2 of a cent lower at $3.84.

 

Nov. soybean futures are trading 9 3/4 cents higher at $10.84.

Sep. wheat futures are 5 1/2 cents higher at $5.31.

 

The Dec. soymeal futures contract is trading $4.70 per short ton higher at $349.70. The Dec. soyoil futures are trading $0.05 lower at $36.91.
In the outside markets, the NYMEX Brent crude oil is $0.19 per barrel lower, the dollar is lower and the Dow Jones Industrials are 129 points higher.

 

 Although the Dec. corn contract has a tendency to rally 8% in the month of July, 10 sessions into the month no sign of this trend is showing up. Who thinks the rally will show up?

 

 

Mike

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Technically speaking, Tom White, FutureRoad.net analyst and CME Group corn pit trader says a negative reversal could be on the charts' horizon. 

"Corn continued its move lower last week as it tested and moved through the trend channel which we posted last week.  The next target would appear to be the bottom parallel line (369.6) that is on the weekly charts.  The daily chart is instructive from several standpoints. We are well below a regression trend channel. We would minimally have to close above the line on a daily basis to feel comfortable calling for a corrective move back up.  We emphasize, however, that any move up will be considered corrective.  The lower part of the daily chart shows Relative Strength Index which is an indicator which we have discussed on many occasions.  Most classical trading books attempt to simplify this oscillator by calling values under 30 an indication of oversold conditions above 70 is considered overbought. But this simplistic view of such indicators is a recipe for disaster as shown by the continuing weakness although RSI is well below 30.  As a matter of fact, such patterns usually turn into negative reversals which we have discussed on numerous occasions.  In other words, move(s) back up are considered corrective only.  Having again discussed the bearish nature of the market, we should also get a move back up to 392.2 at some point during the week," he says.

Mike

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At the open:

The Dec. corn futures are trading 1 cent lower at $3.83.

 

Nov. soybean futures are trading 8 1/4 cents higher at $10.83.

Sep. wheat futures are 3 cents higher at $5.29.

 

The Dec. soymeal futures contract is trading $4.40 per short ton higher at $349.40. The Dec. soyoil futures are trading $0.13 lower at $36.83.
In the outside markets, the NYMEX Brent crude oil is $0.31 per barrel higher, the dollar is lower and the Dow Jones Industrials are 126 points higher.

 

Mike

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At 7:35am:

Early calls: Corn is seen 2-4 cents lower, soybeans 1-2 cents higher, and wheat 1-2 cents higher.

Trackers:
Overnight grain, soybean markets=Trading mostly higher.

Brent Crude Oil=$0.31 per barrel higher.
Dollar=Lower.

Wall Street=Seen higher, Citigroup's earnings beat expectations. This is a big earnings week.

World Markets=Europe stocks were higher, Asia/Pacific stocks were higher.

 

 

 

More in a minute,

 

Mike

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