What’s Up, What’s Down: Spotlight on Grains
Comments for June 28, 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
BEANS FORMING A POSSIBLE BULL TRIANGLE (AND CORN MAKES ITS WORST CLOSE SINCE MAY 11)
GRAINS: 6/28/11 Higher for soybeans and soymeal while lower for soyoil, rough rice, oats, corn, Minneapolis, Kansas City and Chicago wheat. Minneapolis had its worst low and close since the middle of March again, KC lowest low and close since November again and Chicago since July 2010 also again. KC however remains in a support area at this time. Oats had its worst low since last Dec. giving me a SELL SIGNAL in the Dec. contract. Rice had its worst low since April 12th which was the last time the Sept. contract settled below 1450. Old crop corn made its worst close since the middle of March continuing its downward bias. July corn made its worst close since May 11th while the Dec. contract traded below 625 but rallied enough to keep me from a sell signal at this time. Sill it was corn’s worst close since May 11th also. The beans and meal settled higher while oil lower giving me a SELL SIGNAL for the latter. Meal made its worst close since Dec. 10th also. What messes me up is that I have sell signals for the meal and oil but not the beans and if you look at the weekly bean chart below, both the old and new crop beans are forming a possible BULL TRIANGLE! Meanwhile, I am still standing aside for the beans. SIGNALS FOR ROUGH RICE, OATS, (OLD CROP)CORN, SOYMEAL, SOYOIL, 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.