What’s Up, What’s Down: Grain Market Review
Comments for Friday, October 8, 2010
Looking Ahead to Today by Reflecting Back at Thursday’s Price Action
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Higher closes yesterday for rough rice, corn, soybeans, soymeal, soyoil, and Minneapolis, Kansas City and Chicago wheat while lower for the oats but no changes technically again ahead of the crop and supply/demand reports. The yields will be very important. The wheat complex still looks lower while rice, corn, oats and the bean complex continue to look higher overall. Corn has major support in the December contract from 450 down to at least 400 which should continue to keep the corn from dropping(if it does) too far going into next year’s planting season while decent resistance over 500. Of course, China continues to be the long-term key since the crop should be very large even with a drop in yields in various states. Oats made its best high in over two weeks before settling lower while rice had its best high and close since April 16th.The bean complex continues also to look higher overall. BUY SIGNALS FOR OATS, ROUGH RICE, SOYBEANS, SOYMEAL AND SOYOIL. SELL SIGNALS FOR MINNEAPOLIS, KANSAS CITY AND CHICAGO WHEAT. CALL FOR DETAILS.
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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 firstname.lastname@example.org.
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.