Whippy Wednesday is living up to its name. To begin with, we’ve had a pull back in the dollar index from the 76.25 area. Overnight, the grains moved whipped lower and then rallied back. Jan beans posted its low at 1035 1/4, which it has yet to test today in the day session. I have been talking about this 30 cent trading range, which we are exploring between 1034 and 1064. Jan beans will be most affected now by the dollar index and the weather forecast in South America. South America is predicting a record crop of over 64 MMT. If there’s any problem with their growing season, we will have new crop beans rally accordingly.
Currently, SF is trading at 1044, with a day session high at 1050 1/2 and a low at 1041 1/2. March wheat i also basically unchanged at 540. with only a 4 cent range today in the day session. WH has posted a high at 543 1/2, while it too posted its low overnight at 535. At some point during the day, we may trade down to those levels, just on a technical trade to go down and get some longs stopped out.
March Corn, finally had a low last night at 384 1/2 and a low today at 385,so far. CH has had a high today at 388 1/4 and a low at 385, for a relatively small range.
The roll is going on currently, so that will spark some fireworks on the close.
Later On I will do an update for the metals, crude and the stock indexes.
Good Trading.
Please free to leave comments or questions.
