What’s Up, What’s Down: Spotlight on Grains
Comments for July 12, 2011
Looking ahead to Tuesday by reflecting back on Monday’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.
SPOTLIGHT ON GRAINS
GRAINS: 7/11/11 CROP PRODUCTION. USDA SUPPLY/DEMAND. Higher for soybeans, soymeal and soyoil while lower for rough rice, oats, corn, Minneapolis, Kansas City and Chicago wheat ahead of the major monthly crop report. The wheat complex continues to look lower overall with Chicago still in a good support area on the weekly chart but Minneapolis had its worst close since last November. Oats settled lower but still look like they’re in a large BEAR PENNANT. Rice followed settled lower still unable to get through a critical resistance area for the bulls. Corn made a new recent high but settled lower in reversal type action still in a major resistance area between 625 to 675 and should begin stalling out if its down-trend is to continue in my opinion. The bean complex settled higher with the bean closing up for its 6th session in a row and the meal its fifth. The beans and oil have been making lower highs and lows since April and are both now in critical areas to get through if they’re going to end their longer term downtrend. I’ve decided to remove my buy signals for the beans and oil and stand aside like I’m doing for the meal. SELL SIGNALS FOR OATS, CORN, MINNEAPOLIS, KANSAS CITY AND CHICAGO WHEAT. CALL FOR DETAILS!
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.