Prepared by Commodity Insight

The Commodity Insight website has been doing very well lately trading the grains from the long side. For example, within the past few days, the website went long January beans at $6.24 (the low on this break was $6.23) and took profits at $6.66. In addition, it bought (2) contracts of meal at an average of 203.30 and took profits at 214.50. Also, it bought (2) contracts of July corn at an average of $2.79 and exited with profits on Friday, at an average of $3.09. Nice profits have also taken on long wheat positions as well.

The past seven days in the grain pits have been explosive with soybeans up 84 cents a bushel and corn up an equally impressive $.39 a bushel. The grains in seven short days have gone from the depths of oblivion to the some of the most dynamic commodities on the board.

Am I surprised by such price performance? Not really! Primarily because this is an El Nino year. In an El Nino year, all things are possible. Including taking a market from “the depths of oblivion” and turning it into a rip snorting bull market. That is why I have little desire to be short most any commodity for the next 8 to 12 months.

October 12, 1997Jerry F. Welch, Publisher

Commodity Insight

152 Ennis Lake Road, Ennis, Montana

Added to the WWW 10-17-97
Last updated on 10-20-97

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