What’s Up, What’s Down: Focus on Grains
Comments for November 24, 2010
Looking ahead to Wednesday by reflecting on Tuesday’s trading action
Futures and options trading is speculative in nature and involves substantial risk of loss. Futures and options trading is not suitable for all investors.
Focus on Grains
GRAINS: 11/24/10 Higher for Minneapolis wheat, corn, soybeans, soymeal and soyoil while lower for Kansas City and Chicago wheat along with rough rice and oats. Minneapolis and KC continue to be in a sideways pattern since early August although both are still near the lower end of their respective ranges. Chicago wheat settled lower again still looking the weakest of the wheat complex. Rough rice closed lower continuing to act weak with support under 130 basis the January contract. Corn closed higher after making its worst low since October 8th in reversal type action. Oats traded lower again still in a trading range since October keeping me on the sidelines. The bean complex settled again but all are still in possible topping formations. I don’t have any signals at this time for the bean complex either. ALSO DON’T FORGET THE GRAINS TEND TO FILL A MAJORITY OF THEIR GAPS and there are gaps still left in KC wheat, beans and meal. So be sure take this into consideration when taking POSITIONS. SELL SIGNALS FOR CHICAGO WHEAT, CORN AND ROUGH RICE. CALL FOR DETAILS!
Special Note for Cotton Traders: The daily price limit for Wednesday, November 24 will remain at 6 cents.
Special Note for Futures Traders: I have the complete Thanksgiving holiday trading hours schedule, including early closes, posted at the Hot Topics (https://www.zaner.com/3.0/market_information/hot_topics.asp) page of my website.
Rick Alexander has been a broker and analyst in the futures business for over thirty years. He is a Vice-President for Sales and Trading at the Zaner Group (www.zaner.com) a Chicago-based futures brokerage firm. Email Rick at ralexander@zaner.com or call toll-free (888) 281-4158.
Futures and options trading is speculative in nature and involves substantial risk of loss.
Futures and options trading is not suitable for all investors. The information in this Report and the opinions expressed are subject to change without notice. All known news and events have already been factored into the price of the underlying commodities discussed.