What’s Driving Grains Up
Grains and beans continued to make impressive
moves today. As I have stated before, summer is the time when surprises can
come out of nowhere and alter the trade of the grain and bean markets. So far
this early part of summer has not disappointed. The fear of hot weather burning
up crops and the fact that crops may not be as large as expected is causing some
concern and driving commodity prices up. September wheat
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rallied 9 cents or 2.88% to $3.22 a bushel. December corn
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8 cents or 3.29% to $2.51 1/2 a bushel. November Soybeans
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had another strong performance gaining 11 3/4 cents or 2.32% to close at
$5.18 1/2 a bushel. September soy meal
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180.80. These gains on the grains and beans will be
watched closely by traders, because of the huge run up in such a short period.
We could see some profit taking in the next couple of sessions.
On the first day of the third quarter, traders
were looking for fresh money to come into the markets, but nothing came, and the
S&P 500 suffered its worst loss in a month. The September S&P 500 futures
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up for a Turtle Soup Plus One Buy Setup. The September Nasdaq 100
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Nasdaq 100 for September closed at 1002 down 52 or 5.93.
The September dollar
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surprising up day today. The dollar opened positive and remained that way until
the close. DXU2 closed at 106.98 up .44 or .4%.
The bonds also traded positive The Sept. 30
year
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Sept
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In precious metals, August gold
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December gold
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this, Read Carolyn Boroden’s very informative article. For Carolyn’s article
Click Here. September silver
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and September copper
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In the energy complex, crude oil for August
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driving season for the Fourth of July weekend. Aug. heating oil
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natural gas
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