Its 1243 CST and this is my afternoon update.
We have seen bounces back from our earlier lows in the grains as well as the stock indexes.
Currently, Jan Beans has a day session low at 1024, and a day session high so far at 1048 1/2. An impressive rally off of overnight weakness where we had a low print at 1016. 32 cent range equals volatility in any one’s book. The high so far is 1/2 cent away from yesterday’s high at 1049. No doubt there will be some activity if we can pop above the strike price at 1050. Above 1050 there is resistance at 1055 and 1066.
If you are trading the beans, it is important to watch the products as well. Meal is an early indicator of general sentiment, and so far it and the beans are the two contracts higher for the day in the grain complex.
Dec Corn has a high at 400 1/2 and a low at 390. Currently its at 396, down 2 cents for the day. Dec Wheat has a high at 571 1/2, a low at 549 1/2 and is currently at 563, down 3 cents for the day.
In the Stock Indexes, we have had a good trading range. Almost 200 points in the DJZ alone. We have a session high at 10412, a low at 10233, posted around 1030 today, and we are currently at 10,270 down 133.
SPZ has a high at 1109.50 and a low at 1086.50, 23 handles of movement for your trading pleasure. Last trade is at 1,090.50 down 18 handles for the day.
As we head into the last half hour of grain trade, watch for the 1050 level being breached in the Jan Beans. If we can settle above there for the day, it will be bullish, with an outside-day-up.
In the Stock indexes, watch out for the 50 percent pullback levels for the day.
Good Trading
