Youngtrader's Commodity Journal

I lied guys im not quite done lol! Im short a 5 lot @ 566.25

Profit target 562.25

Just gonna put my orders in to cover and walk away cause not much is happening.
 
Out of my may/july KC spread @ 40

$500 loss

Corn trade worked good last night.

$1000 profit

Meal continues to work in my favor. Im looking to take my money on those 2 shorts at 360 today if given the opportunity.

Good Trading Guys
 
YT,

I enjoy reading your journal, I wish you nothing but the best. I recently graduated from the Carlson School at the University of Minnesota. I know you are looking at schools, I can help answer any questions you may have. I graduated in May and work for a Mpls.-based private equity firm. I had a really good experience at the U of M.

A couple of questions for you. What broker do you use? Do you trade based on fundamentals/technicals/mechanical rules?

Good luck w/ everything,
NH
 
Quote from nhorob:

YT,

I enjoy reading your journal, I wish you nothing but the best. I recently graduated from the Carlson School at the University of Minnesota. I know you are looking at schools, I can help answer any questions you may have. I graduated in May and work for a Mpls.-based private equity firm. I had a really good experience at the U of M.

A couple of questions for you. What broker do you use? Do you trade based on fundamentals/technicals/mechanical rules?

Good luck w/ everything,
NH
More...

nhorob

Thanks for the complement! Wow 1 post in 3 years!!! Im flattered you decided to waste it on my little journal lol! I will deffinantly be sending you a pm about schools in minneapolis as I will more than likely be working at the MGEX this summer.

My broker is Northstar Commodities (clear through mf global). I trade off of just about everything imaginable except mechanical rules lol! I mostly try to keep the big fundamental picture in mind (especially working with spreads) and then I try to figure out the mood of the market and combine that with looking at price action.

Good trading to you
 
How many of you guys reading my journal would be interested in subscribing to a weekly (grain) commentary and trade recommendation service written by me?

I say this because I have been aproached my many people over the past few weeks wondering about this and to be honest I had not even thought about it until then.
 
No takers huh? Anyway just thought I would throw it out there. Actually if I did do it I would close my journal so the subscribers wouldn't have to worry about people seeing the exact same trades for free. Also I think I would make it a grain market commentary with all around trade recs from any market out there that I like. They would be trades that I either currently have on or will put on soon. Something for me to think about as I am leaning towards doing this.

For the week ahead......

Corn and Beans saw little support this week but I expect that to change very soon, however the report coming out on tuesday should set the mood. I look for corn to lose a few more acres to beans and spring wheat. Also look for ending stocks to be down. I look for beans to see a few more acre increase but there will obviously be a continuing decline in ending stocks which are extremely low (around 150 mb). Also the south american crop will be hitting our shores here very quickly which should put pressure on beans.

Technically we see support on may corn at 540, then at 530. Resistance lies at 555. A break through 530 and we are set up to test 480.
Soybeans see support on the may contract around 1400, then at 1350 (which fills a small gap), then at 1325 which is trendline support). A break through 1325 and we touch 1200 quickly. Big gap around 1450 that needs to be filled. If long that would be a key area I would look to as a profit target.

In this type of situation I like the following.

Long may/july beans at -13,-14 Bean locals currently have a ton of these on right now and I think they could be good also. Im also interested in may/aug and july/aug but I think I will stick to may/july.

I like buying outright may corn futures with a break to 530-535. Also buying may/july corn isn't a bad idea due to the fact that it is near full carry and there is very little risk in bullspreading may/july as of now. I might put a few of those on just as a good R/R trade.

Other than that nothing going on :D

Good trading guys and I will post my corn scalps tonight and maybe see if I can get some of those spreads done at good levels.
 
Well tonights levels are the following.

546.50 (I look for the market to push for stops under this level....watch this level it could be a big money maker or money loser if you try to fade it)

551.25 We bounced up to this level yesterday after falling hard all day but failed to break it and close above it. I think this should provide some good resistance.

556 Good buying has come in on this level before and we have a gap right before it so this could be an excellent place for a short.

557.50 Just good resistance here

562 Again just good resistance

Good Luck everybody we open in about 12 min cst. I will post my corn trades as they come.
 
Quote from youngtrader:



as I will more than likely be working at the MGEX this summer.
More...

Will you be trading in the pit? Best of luck to you. It is a small pit in a thinly traded market. You will be very much like the new guy sitting down at the poker table.
 
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