Grain Futures Update

News & commentary on Grain Futures markets including wheat, soybeans, corn & more.

Grain Futures Update is a blog dedicated to bringing updates, news and commentary on grain futures markets including the commodities wheat, corn, soybeans and more.

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Posted on 10/23/2018 2:12:05 PM by: Rick Alexander, VP, Trading @ Zaner. 312-277-0107.

 


HARVEST FULL SWING/GRAIN EXPORTS DOWN LAST WEEK. AFFECT OF STOCK MARKET CORRECTION IF IT HAPPENS

Posted on 10/23/2018 5:53:14 AM by: Rick Alexander, VP, Trading @ Zaner. 312-277-0107.


Higher closes for oats and rough rice while lower for Minneapolis, Kansas City and Chicago wheat along corn, soybeans, soybean meal and soybean oil. The grain market, especially the wheat complex, remains bearish over the long term with continued strong exports for corn while just the opposite for wheat and soybeans. Minneapolis did have its highest high and close since August, retracing higher since early September, maybe forming a bottom while and in a 560 - 600 trading range since late August. However, taking out its 602 high (8/31/18) and closing above 600 on Monday was what I was looking for. Now do it again and hold the 580 area. Then we could possibly see another sustained rally. Once again KC has been in a narrow trading range (500 - 535) since early September. I'm still looking for a conservative close above 560 before I get hopeful of a continued rally. Chicago, at least now, doesn't look like it could still be forming a massive bottom while continuing to go nowhere (495 - 533) since Sept.7th. It still is holding July's low and needs to close above 540 to help sustain its rally in my opinion. IN OTHER WORDS THE WHEAT COMPLEX MAY BE CHOPPING AROUND SOMETIMES VIOLENTLY BUT STILL IS A NON-ISSUE OVERALL AT THIS TIME! Oats made a new CONTRACT HIGH AND CLOSE on Monday followed by another new CONTRACT HIGH close on Tuesday. YOU ALL KNOW THEY SAY THE OATS LEAD THE WAY UP OR DOWN IN THE GRAIN COMPLEX MAINLY DUE TO THE MAJORITY OF TRADES ARE MADE BY THE COMMERCIALS. I guess we'll see but don't hold your breath this time. Okay support lies below 290 while good support around 270 and below. Rough rice continues to trade around the upper end of a critical resistance area needing to close over 100 to sustain its rally in a bear market. Then again it has stalled out for almost two weeks so far. Due to good exports and snow across the western part of the corn belt, corn made its best high and close since August and has given me a BUY SIGNAL on Monday. Now corn is approaching a critical resistance area (above 280) needing to first settle over 390 to begin with and then the psychological 400 area. The soybean complex continues to hold its own while actually rallying overall since the middle of September in spite of mostly bearish fundamental news. I have to give beans and meal BUY SIGNALS although I tend not to trust them. Still, this complex has been impressive lately in spite of the fundamentals as mentioned above. BUY SIGNALS FOR OATS, CORN AND SOYBEAN OIL. For additional charts, quotes, news, commentary & more, sign up for a FREE 30 day trial to markethead.com.




Posted on 10/22/2018 1:36:41 PM by: Rick Alexander, VP, Trading @ Zaner. 312-277-0107.

 


Posted on 10/19/2018 1:48:22 PM by: Rick Alexander, VP, Trading @ Zaner. 312-277-0107.

 


Posted on 10/19/2018 5:28:50 AM by: Rick Alexander, VP, Trading @ Zaner. 312-277-0107.

 


Posted on 10/17/2018 1:40:17 PM by: Rick Alexander, VP, Trading @ Zaner. 312-277-0107.

 


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