Craig’s Closing Comments
Lynn Miller
September 4th, 2015
I had a quote pop up on my facebook feed that seemed appropriate for the market atmosphere we are trading now and I think it pretty much sums up how many are feeling right now; “The market can stay irrational longer than I can stay solvent.”
There just is no new news out there to trade. Last week we traded the Chinese currency devaluation, this week its hot/dry weather and next week --- well who knows.
What will be on everyone’s mind Tuesday is the crop conditions report. It is thought to be bullish after a hot dry week and in front of a potentially bullish tone to the USDA’s Supply and Demand report on Friday. These two things alone could give us the most positive things to trade we have seen in quite a while. If you have thought about placing targets – this might be the time to let them work for you.
Have a safe Labor Day Holiday Everyone.
Corn:
Technically all three indicators remain bearish the December corn. The MACD isn’t commited to a bearish move and the Stochastics are deep in oversold territory. At some point it will be time to re-own, the question is when. Look for support at $3.57 with selling targets at $3.80, $3.94 and $4.05. I am still slightly optimistic we will make a run to fill the gap left back in July at $4.02. I feel it will be a quick burst through on a technical rally and would place targets at the $4.00 mark hoping to get some covered.
Soybeans:
Technically, all indicators remain thinly on the bearish side. The moving average and MACH are coming together while the stochastics is approaching oversold. We may have some downside in here still, but I believe 8.56 will trigger a technical bounce. Look for support @ $8.56 with selling targets at $9.00, $9.25 and $9.50.
Wheat:
Technically all three indicators remain bearish the December Minneapolis. This market is just as hard to read technically as anything since we have been wanting to find any reason to give us a pop now since mid August. You can see the moving average has just held right there, the MACD is flat and the stochastics are oversold. But we can’t seem to find anything to change direction of these technical. $4.98 contract low from yesterday held today, maybe there is hope? Look for sale targets at $5.35, $5.55 and $5.75.
Top Trending Reads:
Topics: Grain Markets
%MCEPASTEBIN%
