Tuesday’s Futures Setups

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 (WU2)
rallied 9 cents or 2.88% to $3.22 a bushel. December corn (CZ2)
rose 8 cents or 3.29% to $2.51 1/2 a bushel. November Soybeans (SX2)
had another strong performance gaining 11 3/4 cents or 2.32% to close at
$5.18 1/2 a bushel. September soy meal (SMQ2)
rose 4.50 or 2.55% to 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.