Grains Reign
This morning’s Pre-Opening
Grain Outlook called the strong opening in grains. The analysis stated that "The
market appears poised for a post harvest rally. Strong technical action,
improving outside market influences, strong near-term export demand and ideas
that next weeks Crop Production and Supply/demand reports will be supportive are
all factors which could lead to a near-term "post-harvest"
bounce."
Soybeans gapped open and extended another 3 cents
before running into resistance at the recent 10-day high, an ideal covering or
shorting area. Beans gained as many as 13-points and are now trading at opening
levels, up 10 at 472 3/4.
Corn, from the Momentum-5
List, also gapped open. in a post-harvest bounce. The Dec. contract held at
the 20-day breakout level (at the Turtle Soup potential reversal level.), which
implies that this breakout could be legit.
Crude oil
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PowerRating), unleaded gasoline and
heating oil are trading lower after Israel and Palestine said they would end
violence. Going the other way in the energies, natural gas
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PowerRating) continues
to rally after Wednesday’s AGA report on storage injections. The report came in
as expected but traders bought as stockpiles remain much lower than levels from
one year ago.
March sugar
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PowerRating) is moving lower out of a Pullback From Lows
setup. The contract also left a telling engulfing candlestick bar which closed
well into the body of day three of the pullback. Sugar is down .20 at 9.55.