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Strategies & Market Trends : Grain Futures Trading -- Ignore unavailable to you. Want to Upgrade?

To: John Pitera who wrote (553)	5/5/1999 11:23:00 PM
From: MJR	Read Replies (2) \| Respond to of 645

I'm not sure what to make of the markets for Dec corn tomorrow. CBOT Proj A trading down 1 1/4 cents .. seems like the rains haven't been as soaking in Illinois/Indiana as anticipated. Today was bright and sunny so my guess is that the planters were rolling pretty good. Crop progress may well be catching up. Several storms going through parts of ILL now.. but I don't think they're dropping huge amounts of rain. Radar to the west is not all bad either. Tomorrow's 0730CT export report will set the tone for the day. I still hold my long corn trade, but have set a fairly tight stop just in case. My guess is that it will trigger early in the session. (In at 233 1/4, stop set at 231) Good luck tomorrow, Mike

To: John Pitera who wrote (553)	5/6/1999 2:39:00 PM
From: nicewatch	Respond to of 645

Hi John, I think that oil is very close to it's high for the year... I think we are topping right here or in the next week or so. I think we will trade back to 15 $ basis the nearby contract. did you hear there are record long positions in crude by the speculators and record short positions by the commercials I think you have a good point about oil. There was a little break today, maybe it's the peak you mention. I wasn't aware of the committment of traders data, but that makes sense. You are right that commercials have the best timing record in most markets. <g> I'll have to take a further look... thanks. If I had to guess the ewave count -doesn't mean much to me- I would say we're in wave 3 of major wave 1, off the 12/98 lows. This can be seen here digisys.net 97-12/98 represented a 5 wave decline 12/98-1/98 is wave one of 1 1/98-2/98 is wave two of 1 2/98 to now is wave 3 of 1 this is my guess.... don't take it too seriously. <ggg> funny thing with M-3 declining and m-2 rising did you see a Abelson's column in Barrons in the 4-26-99 issue, he showed M-3 contracting over the past 6 months. i did not see the column.... very interesting. Is there any way to read that online? All this talk about the money supply makes me think of my econ classes a few years ago. <g> Talk to you later, take care Regards, Frank p.s. I bought back a few beans today, and am looking to possibly buy july cotton tomorrow.... we'll see.