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Comments for February 1, 2010

LOOKING AHEAD TO MONDAY BY REFLECTING BACK ON FRIDAY’S ACTION

Looking at Grains 

GRAINS: 02/01/10 Higher settlements for rough rice and soyoil while lower for corn, oats, Minneapolis, Kansas City and Chicago wheat along with soybeans and soymeal. All of the wheat continue to be in down-trends making new recent lows and closes but also now in support areas at this time. Corn also made a new recent low and close continuing work towards the 350 area where its support(Mar. contract) starts and goes down to 425. Everyone who reads a chart can see clearly see this support range. Traditionally the grains have fill around 90% of their gaps and the December corn contract has one at 392 1/2. Rice settled lower again with its weak attempt at bottoming fading away at this time.but is attempting to form a bottom at this time. Oats settled slightly lower looking very weak overall but has very little resistance up to to 255 basis the March contract and has held a support area from 220 to 230 so far making this a difficult market to take a position in at this time though It's overall trend has been sharply lower since January 11th. The beans and meal made new recent lows and closes while the oil closed slightly higher and oil lower. Beans and meal continue to hold their respective support areas so far. 

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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 or call toll-free (888) 281-4158.

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.