What’s Up, What’s Down: Spotlight on Grains

Comments for February 17, 201

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

TECHNICALLY, I’M STILL BULLISH ON CORN

GRAINS: 2/17/11: Higher closes yesterday for soyoil, unchanged for corn  while lower 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 of the last couple of days but remains in a strong longterm uptrends overall.  Minneapolis had its worst low and close in three weeks and KC in two with the former needing to hold the 960(Mar) area, KC 920 and Chicago(828). Chicago also has good support between 750 and 800. Rice gapped and settled lower again making its worst low and close since January 20th also giving me a SELL SIGNAL. There is good support between 1450 and 1550(Mar.). Oats made their worst low and close since February 2nd setlling down 5 trading sessions in a row but has very strong support between 375 & 400(Mar.). Corn settled unchanged but had a nice rally off its lows which is what bull markets generally do. The beans and meal closed down and the oil up with the former two making their lowest lows and closes since Jamuary 11th. The grain complex continue to be in an uptrend overall excluding rice at this time. BUY SIGNALS FOR OATS, CORN, SOYBEANS, SOYMEAL, SOYOIL, MINNEAPOLIS, KANSAS AND CHICAGO WHEAT. SELL SIGNAL FOR ROUGH RICE. CALL FOR DETAILS!

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I have the early closing and holiday trading hours schedule for Friday, February 18 – Monday, February 21 for President’s Day, posted at mt website: https://www.zaner.com/3.0/market_information/hot_topics.asp

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.