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 sold off sharply in the new crop grains with November soybeans down $.24 at 12.51 a bushel hitting new 4 week lows as outstanding weather in the Midwest is pressuring prices with the USDA crop report coming out stating that this is the 3rd highest acreage in history at 76.1 million acres up 1% from last year and as I’ve been recommending in many previous blogs to continue to sell the soybeans I do believe prices are headed sharply lower from these levels. Soybean prices in the November contract are trading below their 20 and 100 day moving average settling right at session lows this Friday afternoon in Chicago and I do believe you will see further weakness next week as generally the Fourth of July weekend is the top in the grain market. July soybeans hit a new contract high of 15.74 finishing up about $.16 as the spread between old crop and new crop hit a new high today as supplies are very small in the July contract and could be very large in the November contract in a couple of months. Continue reading "Weekly Futures Recap W/Mike Seery"