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GRAINS: 10/07/09 Higher to sharply higher closes Tuesday for Minneapolis. Kansas City and Chicago wheat along with corn, rough rice, oats, soybeans, soymeal and soyoil again aided by a freeze scare. Like I said before freezes rarely come to fruition and when they do the affect is generally minimal. All of the wheat continue to look bearish overall and were pulled up by the rest of the grains although setting 11 cents off their highs like the corn and beans. However, technically today's action could be signaling the beginning of a turnaround and one should never ignore the technicals. Corn took off actually rallying to 361 1/4 basis the December contract before also closing 11 cents from its highs giving me a BUY SIGNAL that I don't yet trust. The rest of this week's action continues to be critical. Oats also had a strong close settled higher still in the middle of a trading range going back to August while also in a good support area. Oats look like they're forming a massive bottom at this time. Rough rice closed slightly higher but still in a down-trend making lower lows and lower highs overall. The beans closed unchanged to lower while meal settled higher and oil lower but no changes technically. Beans and meal also made new recent lows with the entire complex in a downtrend. Buy Signal for Oats; Sell Signals for Minneapolis Wheat, Rough Rice and the Soybean complex.
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