What’s Up, What’s Down: Lower Grains
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 (zaner.com) a Chicago-based futures brokerage firm.
Comments for Friday, July 17, 2009
Looking Ahead to Friday by Reflecting Back on Thursday’s Price Action
GRAINS:
Lower closes yesterday for Minneapolis, Kansas City and Chicago wheat along with rough rice, corn, soybeans, soymeal, soyoil and oats. All of the wheat closed slightly lower but I still have buy signals for KC and Chicago while a sell signal for Minneapolis. Although corn is behind in many growing areas it made a new contract low and close looking very bearish Rough rice closed lower again but is in a bull pennant, looking to continue higher. Oats settled lower again while in a large consolidation area holding a good support area. The bean complex also settled lower with beans and meal making their lowest closes since April but the oil is in a bull flag as shown below. Please feel free to contact for details as to what I expect these markets may do, technically.
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.