What’s Up, What’s Down: Grains in Spotlight with Oats Settling Lower
Comments for Friday, June 25, 2010
Looking Ahead to Today by Reflecting Back at Thursday’s Price Action
Lower closes Thursday for Minneapolis, Kansas City wheat and Chicago wheat along with oats, soybeans, soymeal, soyoil, rough rice and corn. Minneapolis wheat was hurt by today’s action unable so far to close over its large resistance area after several times trading above it. However, KC is still in a nice looking BULL PENNANT at this time and Chicago is attempting for form a technical bottom still in a downtrend overall. Corn made its lowest low and close (4th session in a row) in over a week still with massive resistance overhead. Rice made a new CONTRACT LOW CLOSE continuing to be the weakest of the grains. Oats settled lower but are in a small BULL PENNANT still is in a strong up-trend overall. The bean complex closed lower with beans now in a support area and oil making its lowest close in one and one-half weeks. BUY SIGNALS FOR SOYBEANS (NEW CROP). OATS AND SOYMEAL. SELL SIGNALS FOR CHICAGO WHEAT AND ROUGH RICE. 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 email@example.com.
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