Choppy Markets All Week

January 28, 2011 11:11 AM

This information is provided by Scott Harms - Archer Financial Services, Inc. 800-933-3996.

The funds were moderate sellers of corn and soybeans this past week, while they were net buyers of wheat. The biggest change in the Commitment of Traders report this week was the aggressive buying in corn by the commercial traders of nearly 40,000 contracts. 

The market was very choppy all week long. For the second week in a row, the weekly ethanol data provided a mid-week boost to the market. Late in the week, the wheat market tumbled based on political turmoil in Northern Africa. 
The belief is that near term US wheat exports will be harmed. The corn market is building a pennant formation on the charts and may be ready to break out in the next 2 weeks. My belief is that if we are unable to take out the $6.67 high in March futures by mid-week, then a seasonal correction of 20-50 cents may begin.


Market Chart 1 28 11

(click to enlarge)


Committment of Traders 1 28 11

(click to enlarge)



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