The slide on December Corn continues. Even though this trader is bullish rains across the Mid-West are slowing down new buying and having existing longs head to the exits taking profits.Do I still remain bullish? Yes I do! In the electronic session the December Corn is trading at 388 ¼ which is down 3 ½ cents. The trading range has been 389 ¾ to 386. Traders continue to follow weather and the current weather forecast shows me a bottom forming for new buying and a drive above $4 on the next hot and dry weather due Thursday.
On the Energy Front we have good news that Bp is optimistic that the new containment cap lowered onthe leaking well is successful and looking good so far. Let's hope for continued success!Alcoa earnings have boosted the stock market which has the Energy sector following suit.The August Crude Oil is trading at 7597 which is up 102 points at this writing. The trading range has been 7605 to 7425. No change in the fundamentals here. Roaring stock market off good earnings and a steady to lower dollar should continue rally the complex only to set up a text book sale.
Stay Tuned!How long can earnings keep the stock market strong?Look out below!
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There is substantial risk of loss trading commodity futures and options.Past performance is not indicative of future results.