Are The Grains Headed Lower?

22 Mar in Blog, commodity broker, commodity trading, corn futures, futures broker, grain market prices, soybean futures, wheat futures

  Grain Futures--- The grain futures today opened lower with the rest of the commodity markets only to have a mixed trading day with wheat and corn finishing higher while soybeans and soybean oil finished lower. Soybeans for May delivery finished down 5 more cents today to close at 13.49 a bushel while corn tested support and rebounded to finish up 2 cents at 6.44 a bushel in heavy volume in Chicago today. Wheat futures were lower on the open only to finish $.10 cents higher for the May delivery to close at 6.46 a bushel while May oats also finished higher by two cents to finish at 3.28 a bushel in a light trade. In my opinion I believe that the grains are starting to look vulnerable especially corn and wheat due to the exceptionally warm weather we've had in the Midwest if you are looking enter this market on the long side make sure you put stops under the 20 day low in corn which is around 6.30 a bushel and soybeans I would look to an exit a long position with a tight stop of around $13.25 a bushel for the May contract. . 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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