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(May 8, 2008) CORN: CBOT corn futures are rallying, with both the December 2008 and March 2009 contracts hitting record highs on weather concerns and continued planting delays. A weakening dollar index is also supportive, traders say. December corn reached $6.39-1/2 and is up 6-1/2 cents to $6.37. March corn traded at $6.50 and is up 6-1/2 cents to $6.48 a bushel.
United States weekly corn export sales to May 1 were 337,200 metric tons for the 2007/2008 marketing year, down 39% from the previous week and 50% from the previous week's average, the USDA says. A trader calls the numbers "soft" but says they would be unlikely to have much effect on Thursday's opening. New-crop sales were 63,300 metric tons. Estimates called for between 400,000 and 750,000 tons for both crop years. Top old-crop increases were reported for Japan (185,600 tons), Mexico (102,400) and Columbia (72,300), according to the USDA
CORN (JUL) 05/08/2008--The moving average crossover up (9 above 18) indicates a possible developing short-term uptrend. The daily stochastics gave a bullish indicator with a crossover up. Stochastics are at mid-range but trending higher, which should reinforce a move higher if resistance levels are taken out. The cross over and close above the 18-day moving average is an indication the intermediate-term trend has turned positive. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The next upside objective is 624-1/4. The next area of resistance is around 618-3/4 and 624-1/4, while 1st support hits today at 607-1/4 and below there at 6.
This week's trade recommendation is to place a stop profit order on the December corn call options.
This week's trade recommendation is to hold the July corn puts with 56 days as a hedge previously bought.
This week's trade recommendation is to buy December corn call with 197 days.
No new trade recommendation using futures.
Again reminding investors that along with high volatility comes high risk and only risk capital should be invested in either the spot, futures or options market.
Roberto B. Rivera
www.newtradersofamerica.com
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