After last week gains on soybean from short contracts I decided to offset those contracts in order to gather some “money”. Also, I shyly tried corn futures market with a short contract on March 2013. For the next week, I’m thinking to spread with a long contract on corn, because I am more a risk adverse than a risk lover.
The harvest of corn and soybean is the main factor of this period price movements as Brian Basting, analyst with Advance Trading said: “Corn harvest is nearing 70 percent nationwide and farmers are moving on to soybeans, though soybeans are going to be slowed for a couple of days because of some rain”. http://www.brecorder.com/markets/commodities/europe/84003-corn-eases-on-harvest-pressure-exports-lifts-soy-.html
Likewise, I am looking forward to USDA’s report on October 11th, as the futures prices for grains on Thursday (day of the report) and Friday will be really sensitive. It is expected that USDA will raise its US corn and soybean production forecast and from here a drop in prices.
Not least, I want to improve my prediction on futures price movements and for this I think I have to make a better selection of the huge amount of information available on the internet. How I am going to do this? Good question!
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