Oat Prices Higher In Early Trade
Michael Seery of Seery Futures - InsideFutures.com - Mon Feb 12, 9:24AM CST

Oat Futures--- Oat futures in the March contract are currently trading higher by 5 cents at 2.71 following the rest of the grain market higher as I have been recommending a bullish position over the last month from the 2.60 level & if you took the trade the stop loss now has been raised to 2.58 as the chart structure is outstanding at the present time.

Prices are following wheat higher which is trading up by $0.10 as I will be looking to roll over into the May contract over the next couple of days as I will announce that in my blog as we are coming near expiration on the March contract as I still remain bullish oats & in Wednesday's trade the stop loss will be raised to 2.65 which is an excellent thing to see in my opinion.

Prices are trading above their 20 and 100 day moving average as clearly the trend is higher, but for the bullish momentum to continue we have to crack last months high of 2.79 & as I have written about in many previous blogs prices could trade in the $3 range due to strong demand coupled with concerns about the crop supporting prices here in the short term.

At the present time I am recommending a bullish position in wheat & corn, however soybean meal has now broken out to a new contract high and I think that is going higher as well as I'm not involved as the chart structure is poor therefore the monetary risk is too high, however I will keep a close eye on the soy complex as well.




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