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Strategies & Market Trends : Grain Futures Trading
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To: nicewatch who wrote (557)5/12/1999 1:18:00 PM
From: John Pitera  Read Replies (2) of 645
 
How are you doing Frank, what do you think about the grain complex?

There was a moderately bullish wheat report yesterday:

GRAINS: Grain futures prices moved higher on the Chicago Board of
Trade, while soybean futures retreated.

Wheat futures advanced after the U.S. Agriculture Department predicted this year's winter wheat crop will be 14% below year-ago levels after many farmers planted smaller acreage in light of weak export prospects.
Production of winter wheat is forecast at 1.61 billion bushels. The area for the 1999 grain harvest is forecast at 36.3 million acres, a 9% decrease from 1998. If realized, this would be the smallest winter wheat area since 1971.
Corn futures edged higher as scattered rains continued to delay fieldwork in parts of the Midwest, as the window of opportunity for planting closes. That could mean a smaller than expected corn crop.
Soybeans fell after the government again predicted a record soybean crop this fall.
Wheat for July delivery climbed 3.50 cents to $2.7050 a bushel; July corn rose 2.25 cents to $2.2450 a bushel; July oats edged up 0.50 cent to $1.2775 a bushel; July soybeans gained 3.4 cents to $4.810 a bushel.


I can not claim to be any fundamental genius on wheat, but technically it does not look to bad.

the beans are not especially strong technically.
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