What’s Up, What’s Down: Focus on Grains

Comments for Tuesday, November 17, 2009

Looking Ahead to Today by Reflecting Back at Monday’s Price Action


Higher to sharply higher closes Monday for soybeans, soymeal, soyoil, Minneapolis, Kansas city and Chicago wheat along with rough rice, corn and oats. All of the wheat gave me buy signals today with all making their highest closes since August. Corn made its first close over 4 dollars basis the December contract since October 22nd giving me a second BUY SIGNAL. Rice closed sharply higher now in a resistance with its KEY REVERSAL from last Wednesday still in tact but being threatened. Oats also settled higher continuing its up-trend overall The bean complex also closed strong with my bean sell signal still in tact but meal is forming a potentially large bottom while oil exploded to its highest close since June. I am holding Buy Signals for Corn, Oats and Soyoil; Sell Signals for Soybeans.

Spring Wheat Chart

Wheat Electronic Chart

Wheat D Chart

Corn Chart

See the balance of my morning comments, including the Metals, Softs, Energies and Grains, at my website. For my complete coverage, visit my commentary page at www.markethead.com.

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. If you would like a free booklet explaining the charts mentioned above, email Rick at ralexander@zaner.com.

The information in this Report and the opinions expressed are subject to change without notice. Neither the information nor any opinion expressed constitutes a solicitation by Rick Alexander or the Zaner Group of the purchase or sale of any futures or options. Futures and options trading is speculative in nature and involves risks. Spread trading is not necessarily less risky than outright positions. Futures and options trading is not suitable for all investors.