Morning Grain Comments

Disclaimer: The data and comments above are provided for information purposes only and are not intended to be used for specific trading strategies. Although all information is believed to be reliable, we cannot guarantee its accuracy or completeness. Commodity trading involves risks, and you should fully understand those risks before trading.

Friday August 9th

Overnight Trade

Trivia:   Name the two teams involved in one of the most controversial trades in hockey history, executed on this day  in 1988 ...

Reason:        Grains holding at week’s lows ahead of USDA, warmer/drier forecasts provide support

The Factors:

Bullish:

· Corn remains in a sideways trend with the most likely breakout to the downside.

· While soybeans are showing bullish technical signals, the move could easily be erased by Monday’s USDA reports.

· Wheat has shown an inability to generate buying interest. 

· There are few bullish factors for corn, though indicators showing the market to be oversold could spark a round of buying interest.

· The long-term commercial outlook for soybeans remains bullish. 

· Export news has been more bullish for wheat of late.

 

Bearish:

Trivia Answer:    Edomonton Oilers and Los Angeles Kings (Wayne Gretzky)