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-- The grain market closed higher today with November soybeans up 25 cents to finish on the highs of the trading session at 13.30 a bushel all due to a sharply weaker U.S dollar this week with planting problems as well. Corn futures for the December contract were higher by 11 cents currently trading at 5.59 a bushel after filling the gap at 5.40 yesterday which I stated I thought prices would come back down and fill that important price level but corn still remains choppy. I am bearish the new crop soybeans & corn because I do think this weather is good for crop conditions in the long run with the weather improving in the Midwest with warmer temperatures and no rain in the forecast for several days. What a difference a year makes as last year we were basically 95° almost every single day while this year is extremely wet and cold which could push prices lower in my opinion. [Read more...]