What’s Up, What’s Down: Spotlight on Grains
Comments for May 25, 2011
Looking ahead to Wednesday by reflecting back on Tuesday’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
SOYBEANS FORMING A BULL PENANT?
GRAINS: 5/25/11 Higher closes yesterday for Minneapolis wheat,while lower for corn, rough rice, soybeans, soymeal, soyoil, oats, Kansas City and Chicago wheat. Basically, Minneapolis looks higher while KC and Chicago wheat neutral although I still have a buy signal for Chicago. Oats settled lower after having a huge range with good support around 350(July) and lower but continuing to look bearish overall unless it can at least settle over 375 at this time. Rice settled slightly lower after making another new recent high but continues to look higher overall. Corn had its best high since April 27th this time but settled lower in reversal type action while also in a resistance area and having one gap left below. Don’t forget the December corn contract did made a key reversal and double top back in April that’s still in place while now back to possibly testing its highs if it can break out of the resistance area its in. Bear spreading has kept a lid on old crop corn while the new crop continues to move higher lately. The bean complex settled lower with me still neutral beans and oil with a sell still in place for me. Also, the beans seem to be in a BULL PENNANT while, at the same time, in a resistance area. To me the bean complex has been trading sideways to lower over the last few months. BUY SIGNAL FOR ROUGH RICE. SELL SIGNALS FOR CHICAGO WHEAT, OATS AND SOYMEAL. 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.