What’s Up, What’s Down: Spotlight on Grains
Comments for February 22, 2011
Looking ahead to Tuesday by reflecting back on Friday’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
CORN SETTLES LOWER IN REVERSAL-TYPE ACTION; WHEAT MARKETS HURT TECHNICALLY
GRAINS: 2/22/11 (EXPORT INSPECTIONS TODAY) Friday saw lower closes for Minneapolis, Kansas City and Chicago wheat along with oats, rough rice, soybeans and soymeal. The wheat complex has been hurt technically by the action over the couple of weeks and have been acting toppy. I now have a SELL SIGNAL for Chicago wheat (Mar.) although not in the May while Minneapolis needs to hold 947 1/2(Mar.) and KC 911(Mar.) both being close to possible sell signals. Rice filled part of its gap before ending up lower still looking down to me with decent support under 14500(May). Oats also settled lower and has been consolidating over the last couple of weeks still in a longterm uptrend overall. Corn made a new CONTRACT HIGH before settling lower in reversal type action.The bean complex also closed lower with the beans and meal near possible sells and the oil in a consolidation sideways pattern.. The grain complex continues to be in an uptrend overall excluding rice but now in potential topping action. BUY SIGNALS FOR OATS, CORN, SOYBEANS, SOYMEAL, SOYOIL, MINNEAPOLIS AND KANSAS CITY WHEAT. SELL SIGNALS FOR ROUGH RICE AND CHICAGO WHEAT(MAR.). 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.