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 continues its extreme volatility especially in soybeans up another $.40 this Friday right near contract highs at 13.26 a bushel all due to the fact that the crop is not very good despite heavy rains across much of the Midwest yesterday especially in Illinois but production in Iowa is dismal with a worse crop than the 2011 floods and the 2012 drought which is absolutely astonishing in my opinion, and it looks to me that these prices are headed higher. As I’ve stated in previous blogs the trade that is been working is to be long soybeans & short corn and wheat and its working again as the real strength is and soybeans as corn is still going to have a terrific crop and if wheat could talk it would bark that’s how big of a dog this market is only up $.04 today at 6.44 only $.05 away from making new contract lows as the fundamentals in wheat are much different than in soybeans. Corn futures are up $.06 at 4.71 basically going nowhere in recent weeks after Thursday’s debacle down $.19 due to the heavy rains and it looks to me that corn and wheat will remain weak for quite some time as the possibility of soybeans continuing towards the $14 mark looks pretty good and if you look at soybean meal prices they have hit contract highs once again as massive demand for that product continues to prop up prices towards historical highs. Continue reading "Weekly Futures Recap w/Mike Seery"
