What’s Up, What’s Down: Wednesday’s Outlook for Grains
Comments for Wednesday, September 29, 2010
Looking Ahead to Today by Reflecting Back at Tuesday’s Price Action
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Higher closes for rough rice while lower closes for Minneapolis, Kansas City and Chicago wheat along with corn, soybeans, soymeal and soyoil. All of the wheat continue to look higher overall but Minneapolis has given me a SELL SIGNAL while KC and Chicago have looked toppy lately and are now also close to sell signals but not quite. Oats settled lower again and seem to be losing some steam but still are in a strong uptrend overall. Rice made its best high and close since late April once again. Corn settled for the second trading session in a row after its reversal type action on September 27th.Still, corn looks very strong overall at least at this time. The bean complex closed lower this time but no changes technically being in uptrends along with the rest of the grains. BUY SIGNALS FOR MINNEAPOLIS, KANSAS CITY AND CHICAGO WHEAT ALONG WITH OATS, ROUGH RICE, SOYBEANS, SOYMEAL AND SOYOIL.
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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 firstname.lastname@example.org.
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.