What’s Up, What’s Down: Grains’ Bullish Turn
Comments for Wednesday, October 14, 2009
Looking Ahead to Today by Reflecting Back at Tuesday’s Price Action
GRAINS:
Higher closes yesterday for oats, soybeans, soymeal, soyoil, Minneapolis, Kansas City and Chicago wheat along with corn and rough rice. A lot happened on Monday. I received Buy Signals for Minneapolis, KC and Chicago wheat on Monday as shown below. Corn took out the all important 376 price basis the December contract also on Monday. Oats settled higher again making their highest high and close since the beginning of July also once again. Rough rice made a strong close again helping to verify my buy signal from last Thursday. The bean complex also had a strong close again, making their highest closes in over three weeks, with beans and meal also giving me Buy Signals for Minneapolis, Kansas City and Chicago Wheat; along with Corn, Pats, Rice and the Soybean complex.
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.