Grains Journal

Wheat certainly did have a nice down reversal bar today. We are not in OB territory yet, so this is somewhat tenuous, but I started the scale in of short 400 calls today in July Wheat.
 
July Corn has downside reversal written all over it. My experience with Corn says not to though this time of year, so I won't.
 
Quote from Buy1Sell2:

Wheat certainly did have a nice down reversal bar today. We are not in OB territory yet, so this is somewhat tenuous, but I started the scale in of short 400 calls today in July Wheat.
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Continued the scale in of July Wheat short 400 calls on Thursday.
 
Completed the scale in selling short of the 400 July Wheat calls. I will hold till expiration. If the underlying approaches 400, I will be seilling he 410's and 420's.
 
Still working the Long July Beans/short November Beans. It has not been favorable this year. We'll give it until mid May. Also, the outright long July Beans position is still on and technicals have been pointing to upside. I'll hold here.
 
Quote from Buy1Sell2:

Still working the Long July Beans/short November Beans. It has not been favorable this year. We'll give it until mid May. Also, the outright long July Beans position is still on and technicals have been pointing to upside. I'll hold here.
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July Beans are starting to pick up steam and I am in the black now. Even the Long July Short Novie is beginning to look a little more promising. Patience Patience.
 
Quote from Buy1Sell2:

Completed the scale in selling short of the 400 July Wheat calls. I will hold till expiration. If the underlying approaches 400, I will be seilling he 410's and 420's.
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I may cover the 400 Wheat calls. I'm not sure I want to wait until third week of June to pick up the last 25% of the premium. May and July Wheat have been a boom for me this year.
 
I see no reason to jump off of the July Beans long right now. MACD just reaching the zero line--RSI not in OB erritory yet and making higher troughs. Plus seasonality. I will let it ride a bit. May 15th is generally a big date to perhaps take long profits in Beans or just before.

July wheat has surprised me a bit, but even with the class B bullish Histogram divergence, I don't think it it will have a lot of legs to the upside. We'll see--I may look to short again if it gets out of whack again for the third time.



My word--July Oats have been strong. I wish I would have been watching them, but I wasn't.
 
I am preparing to short oats soon. Hoping that it will touch the 2.00 mark and I am also waiting to see the WASDE report on May 10. It looks like from Stat Cananda report that Canadian farmers are planting 18% more oats then last year.
 
Quote from Johnny Walker:

I am preparing to short oats soon. Hoping that it will touch the 2.00 mark and I am also waiting to see the WASDE report on May 10. It looks like from Stat Cananda report that Canadian farmers are planting 18% more oats then last year.
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Good success to you. I'll be watching Oats from here for reversal. They certainly have been strong haven't they?
 
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