Rice Up About 70 Cents For Week

Source: Getty Images

Rice Futures---Rice futures in the July contract is currently trading at 14.42 after settling last Friday in Chicago at 13.69 as prices have hit a fresh 1 year continuing its bullish momentum as I still think it still looks cheap especially compared to the rest of the commodity markets including corn and soybeans.

I have been recommending a bullish position from around the 13.60 level and if you took that trade the stop loss has now been raised to 13.38 as an exit strategy on a closing basis only as the chart structure is outstanding at the present time therefor the risk/reward remains in your favor. Rice prices are trading above their 20 & 100 day moving average as the trend remains strong to the upside with the next major level of resistance standing at the 15.00 area which could possibly be touched next week trade as there could be significant room to run in this commodity in the coming months ahead. 

Remember rice is the most eaten commodity in the world and can experience tremendous price swings due to drought or flood or in this case strong demand so stay long as I see no reason to be a seller. 

TREND: HIGHER

CHART STRUCTURE: SOLID

VOLATILITY: HIGH

If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com 

TWITTER---@seeryfutures 

 Email: mseery@seeryfutures.com

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