wheat, corn, soybeans rally following usda

Commodities are rising and MAK is likely to progress to DSO at Wonarah if the RP prices get above $200. It could be a game changer with RP at $170-180 out of Morocco now.


From Inside Futures

Wheat, corn and soybean futures all rallied today (4/08) as the U.S. dollar index fell.

This rally in the grain complex today gave me fresh buy signals for the May contracts of corn, wheat and soybeans on their respective daily charts. Corn also gave a buy signal on the weekly chart last week and is giving a buy on the monthly chart so far this month. Then trend is up on the weekly and monthly charts for both soybeans and wheat as well.

Also, today's slide for the U.S. dollar index suggests a sell signal on the daily chart. The dollar is also giving a sell signal on the weekly chart so far this week. A declining U.S. dollar tends to add support commodity prices.

The U.S. Department of Agriculture reported today that U.S. corn stockpiles at the end of August will fall to their lowest levels since 1996 as corn supplies seemingly remain tight. Weather forecasts for parts of the wheat-growing U.S. may be adding support to wheat prices as well."