What’s Up, What’s Down: Spotlight on Grains
Comments for June 23, 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
GRAINS TURN LOWER
GRAINS: 6/23/11 Lower to sharply lower closes yesterday for soybeans, soymeal, soyoil, oats, corn, rough rice, Minneapolis, Kansas City and Chicago wheat. Minneapolis had its worst low and close since the middle of March, KC since the middle of last November and Chicago also since November. Oats settled lower (lowest since 5/12) after having a huge range but did settle in the upper half for some consolation. However, I continue to stand aside this grain with no signal at this time and also in a decent support area around 350 basis the July contract. Rice had its worst low and close since the middle of March this time giving me a SELL SIGNAL. Old crop corn made its lowest low and close since May 12th continuing it sharp decline since June 10th while new crop(Dec.) had its worst close since May 16th be not as of yet giving me a sell signal. The Dec. corn contract’s closest support goes down to 625 but starts again around the 615 down to the 600 area in my opinion. I really feel corn will drop potentially down to the 550 area basis the December contract. However, I only have signals on what I see technically not what I think might happen! The bean complex had its worst lows and closes since the middle of may across the board I continue to remain neutral and am standing aside for now. SELL SIGNALS FOR ROUGH RICE, CORN(OLD CROP), 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 email@example.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.