Comments for March 10, 2011
Looking ahead to Thursday by reflecting back on Wednesday’s trading
Futures and options trading is speculative in nature and involves substantial risk of loss. Futures and options trading is not suitable for all investors
TODAY’S USDA REPORTS WILL SET THE STAGE FOR GRAIN AND LIVESTOCK FUTURES FUNDAMENTALS
GRAINS: 3/10/11: [CROP PRODUCTION. USDA SUPPLY/DEMAND reports released today]. Lower closes for Minneapolis, Kansas City and Chicago wheat along with rough rice, corn, oats, soybeans, soymeal and soyoil. The wheat complex along with the rest of the grains possibly still excluding corn look like their uptrends are coming to an end. Except for corn, as you know, I’ve had sell signals for quite a while and now corn looks very toppy and is approaching a possibe sell ahead of the all important crop and supply/ demand reports. The entire wheat complex has given me a second sell signal this one more significant than the first one. Minneapolis and KC wheat had their worst lows and closes since the middle of January while Chicago since December 1st. Oats also made its worst low and close since last December 1st while rice since October of last year! Corn had its lowest low and close in almost two weeks still not yet giving me a sell but looking toppy at this time. Fundamentally, cornr emains the strongest of the grain complex and should hold up the best due to spreading against the wheat and possibly the beans en when retracements take place as has been proven lately. The bean complex made its lowest lows and closes in almost two weeks with the meal(May) having good support under 350.BUY SIGNAL FOR CORN. SELL SIGNALS FOR OATS, ROUGH RICE, SOYBEANS, SOYMEAL, SOYOIL, 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 ralexander@zaner.com or call toll-free (888) 281-4158.
Futures and options trading is speculative in nature and involves substantial risk of loss. Futures and options trading is not suitable for all investors. The information in this Report and the opinions expressed are subject to change without notice. All known news and events have already been factored into the price of the underlying commodities discussed.