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Friday, May 06, 2016

Wake Up Call Allendale Advisory Center

Wake Up Call Allendale Advisory Center: Grain markets are steady to higher as markets adjust after a volatile week. The US Dollar and Crude oil are lower as traders wait for employment data later this morning.

As of yesterday’s settle July corn futures�down 18 cents, July soybeans down 17 � cents and July wheat down 25 � cents for the week. July corn futures have�technical support at the 3.71 level and the 50 day moving. Key chart support in July soybeans is the 20 day moving average which crosses at 10.00 �. July wheat is testing support at the contract low around 4.50.

Trade will be looking for manage money liquidation this week on the CFTC Commitment of Traders report which is released at 2:30 today.