What’s Up, What’s Down: Spotlight on Wheat and Corn
Comments for Wednesday, May 19, 2010
Looking Ahead to Today by Reflecting Back at Tuesday’s Price Action
GRAINS:
Slightly higher closes Tuesday for oats, corn and soyoil while unchanged for rough rice and lower closes for soybeans, soymeal, Minneapolis, Kansas City and Chicago wheat. All of the wheat has turned lower but only Chicago wheat has given me a SELL SIGNAL so far although Minneapolis and KC are close. Of, course all of the wheat continue to be in long-term downtrends. Corn settled higher still holding a very critical area but now in a small BEAR PENNANT. Long-term the trend is down. Oats settled higher but is in a small BEAR PENNANT in a long-term downtrend overall along with rough rice which made new CONTRACT LOW again but settled unchanged this time. Beans and meal also closed down with meal the only one in the bean complex that hasn’t, as of yet, given me a sell signal. BUY SIGNAL FOR SOYMEAL. SELL SIGNALS FOR CHICAGO WHEAT, OATS, ROUGH RICE, SOYBEANS AND SOYOIL. 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.
The information in this Report and the opinions expressed are subject to change without notice. Neither the information nor any opinion expressed constitutes a solicitation by Rick Alexander or the Zaner Group of the purchase or sale of any futures or options. Futures and options trading is speculative in nature and involves risks. Spread trading is not necessarily less risky than outright positions. Futures and options trading is not suitable for all investors.
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