Corn futures are a dime higher. Soybean futures are quietly higher, and the wheat complex is 6 to 20 cents higher. A strong close today for many of the grain contracts ahead of the long weekend would surely help the charts improve for the bull camp.
Livestock futures are mixed this morning. Feeder cattle are down 35 cents, live cattle are up 20, and lean hog futures are steady to up 25 cents.
Crude oil prices are quietly higher this morning after falling just shy of the $115 mark. Although the bulls would love to make new contract highs today ahead of the long weekend, the daily chart did post a higher high and so far today has a higher low. The bullish trend remains intact for now.
The U.S. stock market futures have rebounded nicely this week after putting in what looks like a major low on the charts. The bulls should gain momentum if they can close above some of the key moving averages today.
For a free trial of The Kluis Report including three times a day market updates and the Saturday newsletter, visit kluiscommodities.com, call 888-345-2855, or email [email protected]
About the Author: Bob Linneman is a commodities broker with Kluis Commodity Advisors. Linneman grew up on a diverse farm in eastern South Dakota. Between milking cows, managing a beef herd, and farming various crops, he experienced many aspects of agriculture firsthand. After graduating from North Dakota State University with a degree in business, he moved to Hawaii with his wife. There he was an associate portfolio manager for a fixed income firm that managed $2 billion in assets. After nearly two years in Hawaii, he moved back to the Midwest and began his career in commodities. Linneman is licensed as a Series 3 and Series 30 commodity broker.
Editor’s Note: The risk of loss in trading futures and/or options is substantial, and each investor and/or trader must consider whether this is a suitable investment. Past performance – whether actual or indicated by simulated historical tests of strategies – is not indicative of future results. Trading advice reflects good-faith judgment at a specific time and is subject to change without notice. There is no guarantee the advice given will result in profitable trades.
