GRAINS: 08/24/09 Higher closes on the the 21 st for corn, oats, rough rice, soybeans, soymeal and soyoil while lower for Minneapolis, Kansas City and Chicago wheat. All of the wheat continue to look overall at harvest time and also seeing some spreading against by the corn and beans. Corn settledhigher butwith good resistance between 220 and 235 basis theDecember contract whileconsolidating since since the middle of July. The trend has been gradually lower but Iexpect, basis the December contract, for corn to hold the 300 area at worst for the rest of the year.Rice settled lower but held Thursday's lowwith major support from 130 down to 120 basis the September contract. Oats closed higher forming a very nice looking potential bottom at this time but still long term in a downtrend. The bean complex continues to be bolstered at their present levels by Chinese buying and their low carryover. Beans have support under 930 basis the November contract while meal is in a support area at this time and oil's(Dec.) support is around 3600.For me the bean complex is a tough call but all can be bought at their support areas for now. Call for details!
METALS: 08/24/09 Higher to sharply closes Friday forcopper, gold, silverand platinum. All of the metals continue to be in uptrends overall but only silver and platinumstill look toppy after today's action.are. Copper had its second highest close of this move while gold had its best high and close in a week. Silver still lags behindgold at this time. Buy signals for copper, gold and platinum.
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