But also take into account the relationship between crude and corn now ( I say "now" when it has been going on for some time). I think the top has yet to be seen. Activity in CZ1 contracts has been rather interesting these past few days. Cotton is a joke - limit up, limit down, limit down, limit up - the swings continue.
I started a thread in the elite section where I plan on sharing some of my ideas. Not so much in the futures, but options. If the OP is still looking to learn more about grains I wouldn't mind providing some assistance.
I am an ES intraday trader, and am used to near- round the clock trading. But I am fascinated by other markets. I checked the volume and it seems that for corn, soybeans complex and wheat, there seems to be enough volume to do intraday trading. However, I have no direct experience. I use 1 min, 5 min and tick charts to make decision on ES.
So for people comfortable with intraday trading in various markets, my questions are:
Is intraday trading feasible for grains (and sugar for that matter), or is it best done on an end of day basis?
I am not exactly sure what to make of the split sessions, with big breaks in between. Any comments on the dynamics of price movement in such a market?
Lately grains have been slow, but during the summer the volume deff picks up and are more than able to be day traded. John Carter talked about earlier in his career most of his day trade profits were from trading the ags over the summer.
It can move quick, and each cent moved is like a point in the S&P. For example, on the 2nd of march, corn from peak to bottom moved 32 cents, that is like a 32 point move in the S&P. Limit down days and up days are fun. Soybeans can move even quicker, and is more volatile. If you starting out I would trade corn, than move onto soybeans. On a limit down day I got owned in soybeans because it was so volatile and my 3 point stop loss wasn't enough.
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If you are looking for quick activity i suggest looking into the options on these instruments. Even when they go limit up/down, the options are still traded. That's when things really get interesting - just be sure you're familiar with synthetics.
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The annual USDA Acreage Report is on the last weekday of June. Report at 8:30am ET. The quarterly grain stocks report is also released at the same time. Those report will cause the markets to move one way or the other.
The prospective plantings report is the last weekday in March.