We’ve asked Michael Seery of SEERYFUTURES.COM to give our INO readers a weekly recap of the Futures market. He has been Senior Analyst for close to 15 years and has extensive knowledge of all of the commodity and option markets.
Michael frequently appears on multiple business networks including Bloomberg news, Fox Business, CNBC Worldwide, CNN Business, and Bloomberg TV. He is also a guest on First Business, which is a national and internationally syndicated business show.
Grain Futures--- Grain Futures--- The grain market saw extreme volatility this week especially in the July soybeans which were up over $.50 yesterday hitting a high of 15.46 then reversing and settling unchanged settling today at 14.76 a bushel down 23 cents and has sold off 75 cents in 2 days and that tells me that there’s a possibility that this could be short term high. The November soybeans which I have talked about in previous blogs stating if prices are able to break above 12.40 a bushel hitting a 6 week high continuing its bullish trend I would advise traders to buy soybeans above that level risking $12 stop which is around $400 per mini contract as the trend continues to move higher. The U.S dollar today was slightly lower not impacting many of the commodities today except for a selected few with a really wishy-washy trend and I still think July soybeans are headed higher despite the fact of the tremendous selloff happening in the last 2 days & I think that was just profit taking and there are very few supplies to be sold and that’s the reason prices are headed higher in my opinion. [Continue reading]