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 this week saw high volatility across the board especially on this Friday afternoon with many commodities selling off sharply today putting pressure on the soybeans in the January contract finishing down only 11 cents at 15.35 a bushel up around $.13 for the trading week right near the 20 day and 100 day moving averages which is at 15.51 a bushel and in my opinion if prices break those levels on heavy volume the lows might be in the soybean market. Corn futures for the December contract were one of the few commodities today that were actually higher trading at 7.61 a bushel right near a four week after last Thursday’s bullish report has propelled corn prices at the upper end of the trading range. That corn is far above their 20 and 100 day moving average which suggests to me in my opinion that prices are headed towards the $8 dollar level with wheat having a very solid week up $.18 and on this Friday afternoon closing higher by $.3 at 8.71 a bushel breaking its 20 day moving average which was at 8 .70 and well above its 100 day moving averages which looks to me that it is going to rally along with corn and the oat market. Wheat futures for the December contract are down about 7% from the high which was a July 23, 2012 at 9.53 a bushel which was during the summer drought. In my opinion I believe the soybeans are in a bottoming process after dropping over $2.50 from recent highs due to harvest pressure as well as a major slowdown in China sending many of the grain prices off of their summer highs with better than expected yields coming in putting a lid on prices at this point, however about 75% of the soybean crop is harvested which means most of the harvest pressure has finished. Traders are now focusing on the November 9th crop report and the weather in South America with the growing season underway receiving beneficial rains and normal temperatures which means the crop is off to a solid start which could be a record producing year in Brazil and in Argentina. Continue reading "Weekly Futures Recap w/Michael Seery"
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