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Grain Rally Gone South

7/29/14 3:32 PM EDT
From the floor of the CME group Chris Robinson, Traders Exclusive Contributor talks about grain fluctuation due to weather. There was a two or three-day rally off the lows from last week, but that has gone south because of the weather. Corn has fallen, and if it takes out the 64.25 level there could be a new round of selling. Funds are still long corn, but less than before. Funds are short beans, after being long about a month ago. There was a $.50 bounce off of the 4-year low in beans, and if August bean levels don’t hold they may go down another dollar. Wheat tried to make a rally, but has fallen to new lows. He urges investors to resist the temptation to pick the bottom of the markets because the rallies can be short lived in grains. We see cattle making new contract highs. The stock market and cattle have a strong correlation, and Fridays unemployment numbers could create a gyration in the stock market.
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