Looking ahead to Wednesday by reflecting back on Tuesday
GRAINS: 03/17/10 EVERYONE IS POINTING TOWARDS THE FIRST PLANTING INTENTIONS REPORT DUE OUT ON MARCH 31ST. Higher closes yesterday for rough rice, soybeans, soymeal, soyoil, corn, oats, Minneapolis, Kansas City and Chicago wheat. All of the wheat continue to be in downtrends overall as evidenced by the wheat chart below. Corn continued settled higher this time but still working lower overall with 359 basis the May contract a key price to hold. Corn still has a gap at 403 in the May contract and, as I've mentioned many times before, throughout history, grains fill over 90% of their gaps sooner or later. So far this may fall under the 10% that's not filled! Rice closed higher this time off of its reversal type action on Monday but still looks to be in a very strong downtrend overall. Oats settled higher but still is in a BEAR PENNANT, only a larger, one while in a strong downtrend overall leading the grains down overall. The bean complex settled higher with meal making its lowest low since March '09 in reversal type action. Also, 911 is a key price to hold in the May bean contract. Oil still looks higher but was hurt, at least so far, by Monday's action. BUY SIGNAL FOR SOYOIL. SELL SIGNALS FOR MINNEAPOLIS AND KANSAS CITY WHEAT ALONG WITH ROUGH RICE, OATS, SOYBEANS AND SOYMEAL. CALL FOR DETAILS!
See the balance of my morning comments, including the Indices, Indices and Energies at my website. For my complete coverage, visit my commentary page at www.markethead.com .