May corn (ZCK26) futures on Friday rose 7 cents to $4.60 1/2, hit a nearly four-month high, and for the week were up 12 cents. May soybean (ZSK26) futures rose 21 1/2 cents to $12.00 3/4, hit a two-year high, and for the week rose 30 cents. May soft red winter wheat (ZWK26) futures on Friday gained 33 cents to $6.16 3/4, hit an eight-month high, and for the week were up 25 1/4 cents. May hard red winter wheat (KEK26) rose 31 cents to $6.23 1/2, hit a nine-month high, and on the week were up 43 cents.
Surging crude oil (CBK26) (CLJ26) prices that pushed above $90 a barrel in Nymex futures Friday are a bullish outside-market element for the grains. Also, it appears that speculators are now paying closer attention to the grain markets, including the big fund traders, as the grains’ near-term technical postures have become significantly more bullish recently. The big bull runs in the metals markets are now very mature and may be petering out. That has the smart money looking for another market sector that could be on the verge of being the next big upside mover. Grains could be that sector.
