Monday, March 24, 2014

Grains Marching On 3-24-14

Grains popped overnight and pulled back before open. It was a strong export weekly inspection report from USDA. All three major grains took out last Friday's high. Wheat condition in the US is worsening which helped wheat's price further. Wheat price was the highest increased, up 20pts. I may have to prepare to roll my ITM positions further out when it comes to near expiration.

Equity indices went down today. ES tested Fed day's low and buyers stepped in. It looks like some damage was done. It closed below last Friday's range and stays in a LVA. I will watch to see if this range would hold for next couple days.

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